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Craft brewer Brew by Numbers in ‘final stage’ of restructuring deal
London-based craft brewer Brew by Numbers (BBNo) has said it is in the ‘final stages’ of securing a deal for restructuring, following stories it was about to enter administration.
The brewer, who made the comments in a statement on social media, said it had known its new investors ‘for several years’.
In a blog statement on the restructuring, called, “Addressing the Rumour Mill”, the company said: “The hospitality industry has been facing significant challenges over the past few years, due to increased costs and changes in consumer behaviour.
“In response, we have relocated our business to a new site in Greenwich to expand and address the financial impacts of the pandemic. Regrettably, despite our best efforts, we have had to close our Bermondsey site, due to the combined Covid-19 debt burden and the recent cost of living crisis.”
“Moving forward, we are now pleased to report that we are in the final stages of securing a deal as part of a restructuring process that will bring in new investors with financial expertise to ensure our future success.
“We have known these investors for several years, and they are all passionate about our brewery and eager to keep our team at the Greenwich site to continue brewing exciting and tasty craft beers. This will mean BBNo remains independent, whilst also aiming to keep our crowdfunding investors involved in our future.”
It follows a number of craft brewers facing administration, restructuring and financial issues in the past few months, including Black Sheep Brewery, Bedlam Brewery, Brick Brewery and Boxcar Brewery.
The situation also comes after a tough year for craft brewers in 2022, according to Steve Dunkley, head brewer at Beer Nouveau who has been keeping a comprehensive list of brewery closures, with over 80 breweries going bust in the UK last year – the highest yearly total on record.
Speaking to the drinks business last year, the Society of Independent Brewers (SIBA) head of communications, Neil Walker, said raw material, utility and energy cost rises had meant many had found it “incredibly difficult” to remain profitable.