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BrewDog’s James Watt joins mead RTD venture
The founder of BrewDog, who stepped down from the business in May, has become an advisor and investor in mead-based canned RTD brand Lixir.
When Watt announced in May that he was resigning as CEO of BrewDog, the company he co-founded with Martin Dickie in 2007, there was much speculation among the drinks trade about what he would do next.
We didn’t have long to wait.
Just weeks later, in June, Watt revealed he had invested in mushroom and CBD functional drinks range Common. Made with cold-pressed hemp, the four-product range was founded by Julian Liban, who developed an interest in natural medicine after studying Cellular and Molecular Medicine at Bristol University.
Now, Watt has thrown his hat in with Lixir, a mead-based Californian RTD that brings “history’s oldest alcohol, mead, to consumers in refreshing, low-sugar, 100-calorie canned cocktails made from regenerative organic honey, fruits, and herbs”, according to the brand.
Californian mead
Lixir, which is headquartered in San Diego and is not to be confused with UK-based mixer company Lixir Drinks, which entered liquidation in August following “immense challenges”, aims to become a “pioneering brand in the ‘better-for-you’ alcohol space”. It launched its public stock offering on 13 November.
The brand has also managed to secure a line-up of drinks alumni backers including Watt, Jack Sinclair (CEO of Sprouts Farmers Market), Jeff Church (Founder of Suja Juice), and Michael Bedrosian (COO of Fasttrack).
“We’re thrilled to welcome such experienced industry leaders, who bring unparalleled insight and support to Lixir,” said Collin McKenna, founder and CEO. “Our new advisors not only bring decades of success and knowledge but also share our passion for reimagining the future of the beverage industry.”
Lixir’s Hard Honey spritzes are designed to cater to growing consumer preferences for natural ingredients, low sugar, and transparency, with sustainability apparently top of the agenda. According to a press release, the honey used in the drinks is sourced from a bee farm and rainforest in Brazil.
Among the available Hard Honey flavours are: Pear Lime, Mango Orange, and Cherry Grapefruit.
The projects Watt has chosen to put his cash behind so far since stepping down from the top role at BrewDog suggest that he is turning his attention to alternative beverages, both at home and in the US. RTDs have been flying this year, with the category predicted to be worth US$21.1 billion in sales by 2027, making it one of the fastest-growing sectors in the spirits industry, with a compound annual growth rate of almost 15%.
Choosing mead as a base alcohol, rather than the more commonly used vodka or Tequila, could help Lixir to stand out from the crowd. But it is not the only mead-based RTD available on the market. Hive Mind, based in the UK, launched its own sparkling mead product range last year, with an ABV of 4%, less than Lixir’s 5%. Produced by Wye Valley Meadery in Monmouthshire, the products contain 100% British honey.
This year, BrewDog expanded into Thailand with plans to open several bars in Bangkok. The company currently operates more than 100 bars and hotels globally, and last year announced plans to open another 200 venues in key markets over the next seven years.
However, the CEO of BrewDog bars was successfully poached by restaurant chain Prezzo in September, having been with the company for nine years. He remains a shareholder in the firm.
Prezzo, owned by Cain International, collapsed into administration due to the pandemic, but was rescued by current private equity owners for an undisclosed sum.
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