Black Hops Brewing has been saved from liquidation, with a consortium of existing shareholders and other fans of the brewery stepping in to acquire it.
It was announced in early April that the Gold Coast-based brewery had entered into voluntary administration, with Deloitte Turnaround & Restructuring heading up the financial restructuring. Up until last week, there had been reports that the business was close to being liquidated, with assets soon to be sold off.
But Black Hops announced on social media yesterday that the business will now be sold, starting a new chapter in the brand’s story.
“A group of previous investors and passionate supporters of Black Hops rallied together to form Black Hops Craft PTY LTD and was the successful bidder. It’s tremendous news.
“They believe in the brand, love the beer and are here to support the team. The production site, equipment, assets, and intellectual property and of course those wonderful recipes of the Black Hops brand will continue.”
The statement confirmed that the production site, equipment, assets, intellectual property and recipes of the Black Hops beers were all sold and will continue to be produced, and that remaining employee entitlements will be brought over in full.
Voluntary Administrator, and Deloitte Turnaround & Restructuring partner, Tim Heenan also confirmed the news.
“We are pleased to announce the entry into a sale agreement for the Black Hops business. The business has been sold to a consortium representing a number of the existing shareholders and other supporters of craft beer and independent breweries. This provides certainty for the future of the Black Hops brand.
“Over coming weeks, and in conjunction with the purchaser, we will manage the transition of the business to the new owners, Black Hops Craft Pty Ltd.”
A meeting of creditors, which was supposed to be held on Wednesday 15 May, was adjourned to facilitate the transition.
Representing the consortium that has formed Black Hops Craft Pty Ltd, Darren Hill discussed the group’s belief in both Black Hops and the independent craft beer industry in Australia.
“We are passionate supporters of craft beer and independent breweries. Most importantly, we believe in the team and the quality of the product, that’s why we’re taking on the Black Hops brand.
“Independent breweries are an important part of the beer landscape and we genuinely feel Black Hops is a jewel in the crown of the craft beer industry,” stated Hill.
“We’re thrilled to stay independent, start a new chapter for Black Hops and look forward to the future.”