BrewDog co-founder James Watt is facing a probe into alleged breaches of data privacy after his bid to buy back the business looks to have hit the buffers.

Irwin Simon, chief executive of US company Tilray Brands, which bought the brewer and some pubs in March, said BrewDog would remain part of the group.

His comments to CityAM come after Mr Watt announced that he had formally submitted an offer through his new venture, Second Best.

It has also emerged that Mr Watt is facing complaints to the UK data watchdog after he reportedly contacted former shareholders as part of his efforts to take back control of the craft brewer.

The Information Commissioner’s Office (ICO) said it was “assessing” information following complaints related to Watt who claims that 43,000 so-called equity punk investors had joined forces for the bid.

The Guardian has reported that a number of shareholders contacted by Watt said they did not understand how he had their contact details, raising concerns about a potential breach of the general data protection regulation (GDPR). Data rules are overseen by the ICO.

Mr Watt, who has been inviting former punk investors to join his new venture, has not yet commented on the claims.

Tilray Brands said it “did not acquire Equity for Punk shareholder data as part of its acquisition of the BrewDog brand and assets.

“Tilray acquired only a customer CRM database comprising individuals who explicitly opted in to BrewDog communications.”

Mr Watt set up BrewDog in Ellon, Aberdeenshire with school friend Martin Dickie in 2007, and it grew into a £1 billion-plus multinational before collapsing into adminisration early this year and being sold to Tilray for just £33 million.

The company has since invested £50m into the business and launched a range of US craft beers into its pubs, some of which have reopened.

Mr Simon told City AM that BrewDog is “not for sale” and remains “an integral part of Tilray”.

Mr Watt said that if his offer failed he would pursue Second Best as a standalone business. He launched Second Best with an invitation to thousands of BrewDog’s former “punk” shareholders to join him. They were left empty-handed in the company’s failure.