BrewDog’s army of “punk” shareholders have voiced anger and frustration after the Scottish brewer confirmed plans for a possible sale that could render their investments worthless.

So-called “equity punks” who spoke to the Guardian or posted on BrewDog’s shareholder forum expressed disappointment and accused the company, which has traded on its upstart ethos, of treatment “bordering on contempt”.

One said the plan showed that the small investors, who helped to kickstart BrewDog’s growth after it was founded in 2007, meant nothing to the company.

The backlash came after the loss-making “craft” beer firm confirmed that it had appointed the consultants AlixPartners to “evaluate the next phase of investment for the business”.

The process is expected to result in BrewDog either being sold in full, or broken up to attract investors interested in components such as its 72 bars and four breweries or its stable of popular brands such as Punk IPA and Elvis Juice.

Any deal could trigger a windfall for the 21% private equity investor TSG, which bought its stake in 2017.

But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.

Phil Halsey, 47, has invested about £2,500, starting in the second cash call in 2011.

“It’s extremely disappointing that it’s gone this way,” said Halsey. “The last time you could have done some form of cashing out was about a year and a half ago.”

He said he had chosen not to sell because he believed that the shares were already effectively worthless and felt it would have been unethical to make money from a new investor. “I just hoped beyond hope that my suspicions weren’t going to be fulfilled and something good would come out of it. Probably not now.”

Halsey said he was not angry about the prospect of getting no return on his investment because he had made lasting friends at BrewDog events and received freebies with monetary value, such as an all-expenses-paid trip to the annual meeting in Aberdeen.

Some investors in the company, posting on the Equity for Punks forum, were less sanguine.

“Not surprised at all, but would have been nice to have been informed of it by management before reading it in the news,” one user said, after Sky News first reported the plan.

“But then again, that’s just the BrewDog way nowadays. More evidence that the EFPs [exchange of futures for physical investors], who shelled out cash to get them in this position, mean less than fuck all to the company.”

Another said: “Well at least I got £2.34 off an order once. Not a bad return for £500.”

Equity punks were entitled to benefits such as discounts in bars and on web orders, as well as invitations to the group’s AGMs, referred to as “annual general mayhem” by the company, in Aberdeen.

But they are not expected to make a return on their investment.

TSG’s £213m purchase of a 22.3% stake in 2017 allowed some small investors to cash out at a profit but also granted the private equity group preferential terms that entitle it to a sizeable return on its equity investment.

Analysts have previously estimated that it can claim £800m from any sale.

In the last Equity for Punks funding round, in 2021, £30m shares were sold at £25.15 each, implying a valuation of about £2bn before a rumoured stock market float.

At a private auction on the platform Asset Match in September 2022, shares were sold for £6.50 each, implying a valuation of less than £520m. If the sale price of the company is less than TSG’s claim on the proceeds of any deal, that would leave nothing for small investors.

The fall from grace has been evidenced by five years of consecutive losses and a first ever fall in sales last year, which prompted speculation that “peak BrewDog” was already in the past.

The brand’s reputation for a punk ethos has also evaporated in the face of public allegations about its treatment of staff, including a public letter complaining of a “toxic” workplace environment under the co-founder James Watt.

While Watt apologised for some of his conduct, he also hired private investigators to gather intelligence on people he said had maligned him, including by taking part in a BBC documentary.

Watt stepped down in 2024 and has since focused on new ventures, including Social Tip, which pays people to make social media posts about brands.

He has also maintained a vocal social media presence, criticising taxes on the wealthy, speculating that he might delay his marriage to the reality TV star Georgia Toffolo to maximise tax relief, and attending Nigel Farage’s birthday party.

Watt, who is rumoured to have made £50m from the TSG investment, still holds a stake in the company and is now rumoured to be corralling support from financial backers to buy back part or all of the business.

One forum user posted: “James can buy the company when he pays us all back the money we wasted on useless ‘shares’.”