Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to True North Brew Co Ltd on 2 August 2023, following a period of financial difficulty for the brewer.
True North Brew Co had been negatively impacted by lockdown measures during the COVID-19 pandemic and the ensuing series of economic and trading headwinds, including spiralling food, labour and energy costs.
The joint administrators were immediately able to conclude a sale of the business and its assets following their appointment to Cocktails and Craft Beers Ltd. All True North Brew Co’s 325 employees were transferred to the purchaser as part of the transaction.
Commenting on the sale, Smith said: “True North Brew Co’s pubs and bars have long been a popular destination for customers across South Yorkshire, but the impact of lockdowns and hyperinflation have placed an enormous amount of pressure on the business.
“After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the Company’s venues, brewery and distillery, and which importantly, safeguards over 300 jobs. We wish the management team all the best for the future.”
Brewing and distilling facilities
True North Brew Co operates 12 licenced venues across South Yorkshire, as well as its own brewery and distillery.
This past month has seen a number of food and drink firms saved from administration across the plant-based industry.
The facilities of vegan food producer Plant & Bean were sold to two businesses owned by vegan activist Heather Mills, while plant-based ‘chicken’ brand VFC has acquired Meatless Farm in a deal worth £12m in sales for the vegan food manufacturer.
Meanwhile, with news of administrations, proposed closures and complete shutdowns haunting the headlines, Food Manufacture takes a deep dive into the drivers, whether this is a trend set to last and what businesses can do to turn things around.