UK brewery Brew By Numbers said a deal to restructure and secure the future of its business is near completion.
Just days after signalling its intent to appoint administrators, the Greenwich-based brewery issued a statement in which it revealed new investment was close to being secured.
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It added the new investors were known to the business and would aim to “keep our crowdfunding investors involved in our future”.
Brew By Numbers closed its crowdfunding round in January 2020, having raised £530,000 ($670,000).
“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,” the statement authored by brewery founder Tom Hutchings said. “This will mean BBNo remains independent, whilst also aiming to keep our crowdfunding investors involved in our future.”
The brewery did not give a timescale for when it hopes to reveal the identity of the new investors, other than to say it anticipated “finalising the agreement soon”.
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By GlobalDataIt did announce, however, that it has closed its taproom and original site in Bermondsey, south-east London, in the face of rising rents and debt accrued during 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,” Hutchings added.
Brew By Numbers was founded by Tom Hutchings and David Seymour in Bermondsey in 2011. The brewery moved to a new 6,000-square-foot refurbished warehouse in Greenwich in late 2021.
Seymour resigned from the company in 2019, while Hutchings remains the company’s sole managing director.
The brewery has to date made three notices of intent to appoint administrators, the most recent coming on 5 May.
A notice gives a business ten days in which no creditor can take any legal action against it for outstanding debts.
