Black Sheep Brewery says the pandemic and rising costs had created a 'perfect storm'.
A North Yorkshire brewery has said it intends to appoint administrators after failing to attract new investment.
Masham-based Black Sheep Brewery, which employs about 50 people, said in April it was undertaking a review to look at funding options, including a potential sale or merger.The board said the decision to appoint Teneo Financial Advisory Ltd would protect the interests of its creditors. Charlene Lyons, chief executive and executive chair of Black Sheep Brewery, said the company had done its "utmost to deliver new investment" but it had not been possible.Ms Lyons said the firm hoped to achieve continuity for the brewery and its staff.
"We have taken the decision to protect the business and its creditors, during this period, by filing a notice of intention to appoint administrators."Chief executive Charlene Lyons has previously warned of the impact of the pandemic and rising costs Ms Lyons said support for businesses during the pandemic had been welcome, but could not compensate for reduced cash flow in the long term."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."He had left his family brewery T&R Theakston, also based in Masham, after it was sold to a national firm - hence the company's name Black Sheep.
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