The Black Sheep Brewery announces intention to appoint administrators after facing 'perfect storm'

In April, the company announced it had started a review of its strategic options, including the possibility of an acquisition of the company in all or in part.

The statement added: “On April 27 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.” The board said it is taking this action to protect the interests of its creditors.

The statement added: “No shares will be traded on Asset Match until further notice and the auction scheduled for May 24 2023 has been suspended.”

Charlene Lyons, chief executive and executive chair of Black Sheep Brewery, said: “The directors have done their utmost to deliver new investment into the existing corporate structure.

"This has not been possible, but we are progressing with our discussions around a sale of the business. Black Sheep Brewery has great products, a compelling brand and is supported by a dedicated team of people who are capable of delivering great results for the business in a different structure.

"We are focused on achieving continuity of the business and employment and thank everyone for their support so far. We have taken the decision to protect the business and its creditors, during this period, by filing a notice of intention to appoint administrators.”

“The business has been hit very hard by the pandemic and the sudden rise in all costs. It has been the perfect storm, but the team are confident that with a new structure Black Sheep will thrive and grow as the team set course in a new direction.”