A major UK brewery linked to popular beer brands such as Black Sheep, Purity and Hofmeister has been saved from administration after a £6.5 million deal was agreed
A UK brewery company has been rescued from administration following a £6.5 million takeover deal. Multiple Keystone-owned breweries have been snapped up by the newly-established Great British Drinks Company.
Keystone Brewery Group, which is associated with well-known beer brands including Black Sheep, Purity and Hofmeister, employs approximately 190 workers across breweries throughout the country.
The agreement will save 145 positions, with all three existing brewery locations set to be retained and revitalised. Keystone had made several bids to stave off administration, reports the Express.
Reports indicate the troubled brewing firm lodged a second notice of intention to appoint administrators in January. This followed roughly a month after its initial plea for assistance.
Such a notice provides safeguarding against immediate closure. The rescue deal arrives at a crucial moment, with alcohol duty hikes scheduled for next month.
The company had submitted its first notice of intention last November and brought in FRP Advisory to help steer the business back to stability.
Keystone Brewing Group’s board, CEO Steve Cox has said that the group’s next move “was not taken lightly,” drinks business reports.
Great British Drinks Company co-founder Sunny Sharma said: “Our approach is to ensure each brewery and its brands maintain their distinctiveness and independence, that only comes from the people and places involved, not through consolidation. Our ethos is one of stewardship.”
Anthony Collier, joint administrator and Partner at FRP Advisory, which completed the pre-packaged sale of the business for Keystone, said: “This transaction provides the business with a secure future under new ownership and delivers a positive outcome for employees and customers alike.
“We’re pleased to have achieved a sale that preserves jobs and enables the business to continue trading seamlessly.”
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