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Thu 3rd Aug 2023 - Exclusive: Future of True North Brew Co secured following pre-pack sale
Exclusive – Future of True North Brew Co secured following pre-pack sale: The future of Sheffield-based True North Brew Co has been secured following a sale out of administration in a deal which safeguards around 325 jobs. The business, which was founded by Kane Yeardley in 1992 and operates 12 licenced venues across South Yorkshire, as well as its own brewery and distillery, was acquired in a pre-pack administration process by Cocktails and Craft Beers Limited, of which Yeardley is a director. Cocktails and Craft Beers also counts True North Brew Co finance director Sean Kelly and operations director Alex Liddle as directors. Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to True North Brew Co Limited on 2 August 2023, after a sales process was understood to have been carried out on the business under the name Project Bewick. The administrators said that in common with many other leisure and hospitality businesses, True North Brew Co had been “negatively impacted by lockdown measures during the covid-19 pandemic and the ensuing series of economic and trading headwinds, including spiralling food, labour and energy costs”. Immediately following their appointment, the joint administrators concluded a sale of the business and assets to Cocktails and Craft Beers. All of the company’s 325 employees have transferred to the purchaser as part of the transaction. Smith, managing director at Interpath Advisory and joint administrator, said: “True North Brew Co’s pubs and bars have long been a popular destination for customers across South Yorkshire, but the impact of lockdowns and hyperinflation have placed an enormous amount of pressure on the business. After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the company’s venues, brewery and distillery, and which importantly, safeguards over 300 jobs. We wish the management team all the best for the future.” Propel reported last month that True North Brew Co had put three Yorkshire-based pubs on the market. It had instructed agent Fleurets to sell two freehold opportunities – The Milton Arms in Elsecar, Barnsley; and The Norfolk Arms in Grenoside, Sheffield – alongside the leasehold of The York in Broomhill, Sheffield. In its accounts for the year ending 27 March 2022, True North reported group turnover rose from £3,712,341 in 2021 to £13,134,667, which was also up on the last pre-pandemic figure of £12,590,333, while its pre-tax loss narrowed from £1,313,111 in 2021 to £411,868 (2020: loss of £548,610). Propel understands that turnover for FY2023 to the end of March was £13.875m, and that year to date for the two months to 31 May it stood at circa £2.38m. True North Brew Co features in Propel’s Turnover & Profits Blue Book. Its turnover of £13,134,667 in the year to 27 March 2022 places it at 423 in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

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