Masham’s Black Sheep Brewery has announced it is to appoint administrators.
Last month, the company, which employs about 50 staff, launched a strategic review to explore funding options to develop the business. One option was to sell the company.
However, the firm announced in a trading update on Friday it was “no longer considering the sale of the company”.
Today, in a further statement, the company has announced it is set to appoint administrators.
It said:
“On 11 April 2023, the company announced it had commenced a review of its strategic options, including the possibility of an acquisition of the company in all or in part, given constraints on its funding. On 27 April 2023, the company made a further announcement explaining that it was no longer seeking an acquisition of the entire issued share capital of the company, but it was still considering a sale of the business and assets of the company.
“The board of the company has resolved to file a notice of intention to appoint Kristian Shuttleworth and Clare Boardman of Teneo Financial Advisory Limited as administrators to the company and BSB Retail Limited.”
Black Sheep, which was founded in 1992 by Paul Theakston, said it had made the decision to “protect the interests of its creditors”.
It added that “no shares will be traded on asset match until further notice” as a result of the move.
It comes as the company appointed Teneo as its financial adviser to support its review in April.
At the time, Black Sheep said it was experiencing good sales volumes of its beers, however there remains a significant constraint on funding due to economic conditions.
Read More:
- Harrogate hospital to remove parking barriers to ease traffic queues
- Business Breakfast: New chef and manager at Provenance inn
