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Tue 2nd May 2023 - Black Sheep Brewery to appoint administrators
Black Sheep Brewery to appoint administrators: Black Sheep Brewery, the award-winning Yorkshire brewery and pub operator, is to appoint administrators. The company stated: “On 11 April 2023, the company announced it had commenced a review of its strategic options, including the possibility of an acquisition of the company in all or in part, given constraints on its funding. On 27 April 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, as administrators to the company and BSB Retail. The board is taking this action to protect the interests of its creditors. No shares will be traded on Asset Match until further notice and the auction scheduled for 24 May 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. Covid loans were useful but, in the end, could not sufficiently compensate for reduced cash flow in the long term. It has been the perfect storm, but the team is confident that with a new structure Black Sheep will thrive and grow as the team set course in a new direction.” Founded in 1992 by Paul Theakston, Black Sheep Brewery operates four pubs – Foley's Tap House and Black Sheep Tap & Kitchen in Leeds, and The Three Legged Mare and The Last Drop Inn in York.

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