The future of Sheffield-based True North Brew Co has been secured following a sale out of administration in a deal which safeguards approximately 325 jobs.
Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to True North Brew Co Limited on 2 August 2023.
The company operates 12 licensed venues across South Yorkshire, as well as its own brewery and distillery.
In common with many other leisure and hospitality businesses, True North Brew Co had been negatively impacted by lockdown measures during the COVID-19 pandemic and the ensuing series of economic and trading headwinds, including spiralling food, labour and energy costs.
Immediately following their appointment, the joint administrators concluded a sale of the business and assets to Cocktails and Craft Beers Limited. All of the company’s 325 employees have transferred to the purchaser as part of the transaction.
Howard Smith, Managing Director at Interpath Advisory and joint administrator, said: ”True North Brew Co’s pubs and bars have long been a popular destination for customers across South Yorkshire, but the impact of lockdowns and hyperinflation have placed an enormous amount of pressure on the business.
“After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the company’s venues, brewery and distillery, and which importantly, safeguards over 300 jobs. We wish the management team all the best for the future.”
Irwin Mitchell acted for the administrator, while Lupton Fawcett acted for the purchaser.