Lincolnshire-based Tom Woods Beers appointed administrator Charles Ranby-Gorwood of CRG Insolvency & Recovery as administrator earlier this month (June 2).
The brewery’s accounts were overdue for filing, according to Companies House. It had been operating under a CVA since December 2014, whereby it had been scheduled to make four consecutive monthly payments to creditors of more than £2,000, followed by 35 payments of £4,000 or more.
Tom Woods was £7,000 in arrears with these payments, according to a report released in February, but had paid back £76,000 owed to creditors. The CVA would fail if the firm failed to make three monthly contributions to the scheme.
Failed to make three monthly contributions
Ranby-Gorwood told FoodManufacture.co.uk there had been enquiries into buying the brewery firm, but it would take some time before a deal is agreed.
“Sometimes you see businesses sold relatively quickly – some administrators will pre-pack the sale. We’re not going to do that,” he said.
“We’re accepting that it may take some time before this business will be sold or be put into a suitable form for it to come out of administration. I don’t think that will be days – it will be weeks.”
According to Ranby-Gorwood, the company owns the brands and has an established customer base, but it does not own the brewery plant from which it operates.
Does not own the brewery
“I can only sell the amount of plant that it [Tom Woods] does own and I can make sure we’re dealing with the customers and the brands itself, which alters things slightly for some.
“Therefore, in the meantime, the business will trade until we find a suitable exit route for it.”
Established in 1995, Tom Woods Beers produces more than 170,000 pints of beer a week from its site in Melton Ross near Barnetby. Its range of beers are available in pubs across the north-east of England.
Meanwhile, last month Marston’s agreed to acquire the brewing business of Charles Wells Group in a deal worth £55M, which will see the brewer expand its presence in the UK.