The future of the famous Black Sheep Brewery looks increasingly in doubt after a search for a new owner or partner to help turn around the business failed.
An official annoucnment today said: "The Board has been considering all options to provide the Company with additional funding and has been in discussions with a wide range of parties.
"The Board continues to assess its options, which may include the sale of the business and assets of the Company, however the Board has not received any offers for the issued and to be issued share capital of the Company and is therefore no longer considering the sale of the Company."
It is still possible that the brand will survive, but the hopes of building a future with new investment and direction seem to have crashed.
Black Sheep was set up by Paul Theakston following Theakston being sold to a larger brewer (Scottish & Newcastle), before Theakston Brewery was bought back by the family in 2003 and has been in family control ever since.
It has continued to champion its independence and remains with Paul's family with his sons Rob and Jo playing key roles in the brewery’s daily operations.
Its challenges became clear earlier this month when Teneo was appointed as a financial adviser to start a strategic review.
The Black Sheep Brewery said then: "The Company has plans to take the business forward with the further development of its core beers and new products to build on its strong brand in Yorkshire, the North and nationally. The Company is currently experiencing good sales volumes of its beers, however there remains a significant constraint on funding in light of the prevailing economic conditions.
"The Board is currently considering all options, one such option being a merger or an acquisition of the Company, in whole or in part, if such a solution offers the best outcome for shareholders and other stakeholders whilst providing a stable base for the future of the business.
"The Company is not currently in talks with any potential offeror and is not in receipt of any approach with regard to a possible offer. There can be no certainty that any offer will be made nor as to the terms of any such offer."
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Charlene Lyons, Chair & CEO said: “We believe that now is the right time to conduct this Strategic Review to secure the best outcome for our valued shareholders and other stakeholders.
"The Brewery has exciting and ambitious plans for the future and interesting projects in the pipeline. Forward funding is an issue for many businesses in the tight market brought about by the after-effects of Covid-19 on the hospitality sector and this is exacerbated by the cost- of-living issues affecting consumer spending. We are confident that the wider investment market will see the opportunities presented by this well-established and highly regarded brand.”
That confidence now seems under pressure as there is no one who is looking at the brewery and putting their hands up to start talks.
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