"Protective measure": Black Sheep Brewery files fourth administration intent notice
Black Sheep Brewery is still currently “trading as normal” despite it and the Yorkshire firm’s parent company submitting repeated notices of intention to appoint administrators in the last eight weeks.
Keystone Brewing Group, which owns Masham-based Black Sheep Brewery and itself is a subsidiary of investment firm Breal Group, filed a fourth such application on Tuesday, January 13, after making similar submissions on November 28, December 12 and December 29.
Parallel notices were also filed for Black Sheep Brewing Company on the same dates.
Filing such a notice provides a 10-day protection period from creditors seeking recoveries in advance of a formal appointment of an administrator.
Breal Group has not responded to request for comment but The Yorkshire Post understands that Black Sheep is still trading as normal in the way outlined in a statement filed on the brewery’s Facebook page in late November.
The statement said: “We’re still here and we’re still fighting for the future of great beer.
"You may have seen several headlines or rumours that Keystone Brewing Group has gone into administration. Let us be clear: that is not the case.
"We have filed a notice of intent to appoint an administrator which is a protective measure that allows us to keep trading as normal while we secure new investment or explore a potential sale.
"It gives us the breathing space we need to protect our people, our brands and our customers. We’re still brewing, we’re still delivering, we’re still here.
"To our customers, partners and supporters, we want to say thank you for standing with us, your continued loyalty means everything to our team and we’re determined to come through this stronger than ever.”
Keystone chief executive Steve Cox said in early December that the move was a “pivotal moment for our business”.
He said: “The decision to file a notice of intention to appoint administrators was not taken lightly, but it is a responsible and strategic move that allows us to assess the best way forward.
“The fundamentals of the business remain strong. We are focused on emerging from this process stronger and more stable, ready to serve our customers for many years to come.”
Breal purchased Black Sheep in a pre-pack administration deal in May 2023 for £5m.
It was a deal that wiped out the value held by over 1,000 shareholders as well as leaving creditors and taxpayers with losses of millions of pounds.
Breal has since gone on to buy a number of other breweries, which have combined into a single umbrella organisation called Keystone Brewing Group.
Acquisitions include Leeds-based North Brewing Co and Huddersfield-founded Magic Rock.
Keystone has previously set out ambitions to become a £100m-a-year turnover business by 2028. Keystone’s last annual results, filed in April 2025 and covering the 2023/24 financial year, reported a £4.3m loss on turnover of £14.5m.
The accounts said the company had £3.5m of debt due to be repaid within one year, and a further £8.1m due after that.
Black Sheep Brewing Company’s latest results for the 2023/24 financial year record a £3.1m loss on turnover of £11.1m.
The results stated: “The business continues to sell alcoholic drinks predominantly to the UK market thus the main challenges and risks for the business are a prolonged further softening of demand alongside the increased rates for inflation and interest costs.”