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Sat 13th Jul 2019 - Hop Stuff shareholders wiped out after Molson Coors buys assets in pre-pack administration deal
Hop Stuff shareholders wiped out after Molson Coors buys assets in pre-pack administration deal: Hop Stuff Brewery shareholders have been wiped out after the assets were bought by Molson Coors in a pre-pack administration deal. It comes after Hop Stuff Brewery, which has raised more than £1.5m from crowdfunding investors, ran into financial difficulties earlier this year. The company was forced to cease production at its new brewery after a dispute with HMRC that subsequently led to the landlord seizing the premises after Hop Stuff Brewery was late with a rental payment. Since then, founder James Yeomans has been working with KPMG “to establish a solution to this challenge that best suits the group’s future”. Updating on those plans, Yeomans said: “As you know Hop Stuff Brewery has been experiencing financial difficulties in the recent months. Unfortunately, due to the cash position of the business weighing heavily on the business, Hop Stuff Brewery and each of its subsidiaries entered into administration on Friday (12 July) with the appointment of Neil Gostelow and Will Wright, of KPMG, as joint administrators. I’m pleased to say we were able to secure an asset sale to Molson Coors Brewing Company as part of a pre-packaged administration process, which includes our brewery, brand and taprooms and the transfer of all staff to Molson Coors. Due to our financial position, this was the best possible option for our people and the future of our beers, or we faced the whole business going into liquidation. Unfortunately, a full sale of the shareholding of the company was commercially unviable and so I truly regret to have to confirm that there will be no returns to investors. I am so sorry. I wanted so much to turn the passion you have for Hop Stuff Brewery into a financial win for you and I am absolutely gutted that hasn’t happened. I want to thank you so much for your belief in us. You have helped to build this business and I want to make sure that you continue to feel a part of it. For my part, I am absolutely committed to protecting the ethos of Hop Stuff and our brands and I am completely confident Molson Coors shares that commitment. In Molson Coors we’ve found a partner who believes wholeheartedly craft beer should be accessible, inclusive and of exceptionally high and consistent quality. With their support and guidance, we are going to be able to start brewing again and be able to supply our customers in London. Hop Stuff beers won’t disappear. I would completely understand if you wanted to wash your hands of us, but I very much hope you don’t. If you’d like to remain a part of our journey, together with Molson Coors, we will be launching a Hop Stuff Collective for original investors who would like to stay involved. Members of the collective will receive exclusive access to key events throughout the year, a product subscription, discounts and be invited to be part of new product development through quarterly tastings and innovation sessions at the brewery. While not the hoped-for outcome, I hope you agree the Hop Stuff Collective will be a tribute to the important role you have played in our business and a unique opportunity to help us build on that legacy.” Hop Stuff Brewery was founded in 2013 following a crowdfunding campaign, and subsequently raised £750,000 in 2016 and £780,000 in 2018 via Crowdcube to support its growth ambitions.

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