James Watt is mounting a dramatic £33m-plus comeback to reclaim the UK and Australian operations of Brewdog, the craft beer giant he co-founded. The bid, via his vehicle Second Best, would hand stakes to 43,000 "equity punk" investors and staff, but faces scrutiny over how contact details were obtained. This M&A twist caps a volatile saga for the brand once valued at £2bn.

Water Utilities in Deep Trouble

The UK water sector's financial distress is...