BrewDog's chief executive claims to have convinced some members of the Punks With Purpose group to rejoin the company.
In an interview with the Financial Times, James Watt stated: “I think it’s 100% fair to say that in the hyper high-growth years, from 2015 to 2018, we could have done more to look after our people - I apologise to team members who we let down.”
Last June, more than 70 former staff signed an open letter criticising the Ellon-based brewery's employment practices, in a move which sparked continued criticism - including a BBC documentary and podcast - about Watt's management style.
Responding on Twitter, Punks With Purpose explained that it a small group of people, distinct from the full bloc who signed the original letter - confirming that none of the group is employed by BrewDog.
“If one or more letter signatories have in fact rejoined BrewDog, we wish them well and hope that they can help to affect the positive change BrewDog claim to be implementing.“
Since last summer, the company appointed a new 'mentor' chairman, commissioned a review of internal culture - which resulted in an anonymous employee hotline and representative groups - and set up a new profit share scheme for bar staff.
Watt still reckons the Punks With Purpose accusations were “massively overplayed in the media”, however.
The company co-founder also spoke of his recent diagnosis of Asperger's Syndrome - to which he has been working with a neurodiversity expert - which he said may have something to do with his way of working with people.
“My style of leadership was probably a north Atlantic sea captain style of leadership, which is, ‘we’re doing this, let’s go!’ . . . it’s so much more valuable to say ‘here’s why we’re doing this’.”
The 40 year-old told the FT that the cost of producing its flagship Punk IPA have risen 34% year-on-year, while the energy bills for its bars - which make up 40 per cent of the business - have quadrupled.
BrewDog made revenues of £286m last year, while losses before tax narrowed to £9.4m, but Watt still predicted a tough couple of years for the industry and the company. He reckons those losses will contract further though, with revenues expected to grow by around 17%.
“I think we’re almost in a bit of a bubble at the moment, leading up to Christmas, where consumer spending hasn’t quite dipped . . . January, February, March are going to be very tough.”
As for the planned stock market float, Watt said it is still the aim within the next two-and-a-half years, or some move to replace existing investor TSG with a new backer.
He added that there is still no intention of selling to a larger rival and turn beer into a “lowest common denominator commodity”.
Given the stresses of the last 18 months, Watt was also asked whether he has considered stepping back from running BrewDog.
“Not for a second,” he commented. “I want to be doing this when I’m 80.”
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