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03
May 2023
Masham's Black Sheep 'trading as normal' as administration looms
Black Sheep Brewery in Masham is “trading as normal” after announcing it intended to appoint administrators.
The company announced the move, which it said was done to “protect the interests of creditors”, yesterday.
The brewery had launched a strategic review to explore funding options to develop the business, but last Friday confirmed it was no longer considering the sale of the company and then said yesterday it planned to appoint administrators.
The Stray Ferret asked the firm whether the move to give notice on appointing administrators affected jobs or trade at the company.
A spokesperson said that the “business continued to trade as normal” and that staff were being paid.
The firm added “no shares will be traded on asset match until further notice” as a result of the decision.
According to its most recent accounts, Black Sheep reported turnover of £14.3 million as of 31 March, 2022.
However, it also recorded a pre-tax loss of £1.18 million compared to £862,871 profit in the previous year.
'Gloom' descends on Masham
The move to appoint administrators was met with concern in Masham, where Black Sheep and Theakston breweries dominate the town.
Ian Johnson, a parish councillor in Masham, told the Stray Ferret that the news was a “difficult situation” which had caused “a bit of gloom”.
Read more:
- Masham’s Black Sheep Brewery to enter administration
- About 500 Harrogate firms set for ballot on whether to keep BID
However, he remained hopeful the brewery could turn its fortunes around.
He said:
In a post on its social media this afternoon, Black Sheep said it had received "supportive messages" since making the announcement.
https://twitter.com/BlackSheepBeer/status/1653727006830280704
It added:
Black Sheep, which was founded in 1992 by Paul Theakston, appointed Teneo as its financial advisor to support its funding review in April.
At the time, the company said it was experiencing good sales volumes of its beers, however there remained a significant constraint on funding due to economic conditions.
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