Evelyn Partners has been appointed as administrators to oversee the sale of the business and assets of London’s Brew By Numbers.
The UK “wealth management and professional services group” made the announcement alongside a short statement on Friday (16 June). It made no reference to potential bidders for the south London business.
Just Drinks understands a deal that would see the business sold to private-equity firm Breal Group is already on the table.
London-based Breal Group was this week confirmed as the new owner of Brick Brewery. In May, the private-equity house purchased Black Sheep Brewery, also out of administration.
“Finbarr O’Connell and Colin Hardman of Evelyn Partners LLP have been appointed joint administrators of the London-based artisan craft brewery Brew by Numbers,” the statement from Evelyn Partners said. “The brewery remains trading while the joint administrators conduct a sale process of the business.”
Explaining the situation facing the brewer, the statement said: “Despite developing a loyal following from craft beer fans, Brew by Numbers has faced difficult trading conditions in recent years due to a combination of the Covid-19 pandemic and escalating prices.”
Breal has yet to publicly acknowledge its purchase of Brick Brewery, or its interest in Brew By Numbers. The firm has not responded to any of Just Drinks’ requests for comment.
Just Drinks can reveal, however, prior links between Gostelow – a partner at Breal who is now a director at Brick Brewery – and Finbarr O'Connell, one of the joint administrators at Brew By Numbers.
O’Connell, described by Evelyn Partners as a “restructuring and recovery” specialist, was previously a partner at KPMG between 2000 and 2010, where Gostelow was also employed between 1997 and 2021.
Commenting on his appointment as joint administrator of Brew By Numbers, O’Connell said he was committed to finding “a resolution that maximises value and ensures the continued success of the business”.
In a release announcing Gostelow’s appointment to the private-equity firm in 2022, Breal Group said the former KPMG man – who is also a qualified insolvency practitioner – would be “responsible for identifying potential acquisition opportunities”.
Brew By Numbers first signaled its intent to appoint administrators in May. The craft brewery, which was founded by Tom Hutchings and Dave Seymour in 2011, subsequently announced a deal to rescue the business was close to completion.
It is understood, however, that the potential new owners referenced by Hutchings at that time were not Breal.
Hutchings declined to comment further when contacted by Just Drinks.
