Search

Redwell Brewery is bought by investors after going into administration

PUBLISHED: 16:35 06 December 2017 | UPDATED: 08:31 07 December 2017

Redwell Brewery has been bought out of administration. Picture: ANTONY KELLY

Redwell Brewery has been bought out of administration. Picture: ANTONY KELLY

Archant Norfolk 2015

A Norwich craft brewer which supplies Tesco and Aldi has been bought by new owners after administrators stepped in.

Redwell Brewery's canning machine which was installed to fulfil a deal for their canned craft beer with Tesco. Picture: DENISE BRADLEY Redwell Brewery's canning machine which was installed to fulfil a deal for their canned craft beer with Tesco. Picture: DENISE BRADLEY

Redwell Brewery, based in Trowse, was placed into administration on Monday but has been purchased by a team of local investors, under the name Three Arches Brewing, who will seek to fulfil orders and keep the brand alive.

Insolvency experts McTear Williams and Wood, who were appointed as administrators for the company, said it had run into financial difficulties as a result of losses accumulated over several years.

Four jobs have been saved by the pre-pack sale of the company. Such a sale means a company’s assets are bought but not its debt, with the potential result that creditors could lose out.

After a bidding process, led by McTear Williams and Wood, a group of investors, led by John Hughes and Warren Thorp, were appointed as new owners of the business at the beginning of this week.

They say they are in dialogue with Redwell’s suppliers and local customers with the aim of securing future relationships.

Redwell Brewery was founded in 2013 by Amy Hancock and Patrick Fisher, with the backing of two further investors.

The brand has become well known in Norfolk, was a member of the Future50 programme for innovative businesses, and secured the supermarket deals earlier this year.

READ MORE: Yes, we can: Brewer Redwell seals Tesco deal after fitting new production line

READ MORE: ‘Business as usual’ says boss of Norwich’s Redwell Brewing after repossession dispute

Mr Fisher denied that Redwell had been in need of administration and said he, and others, had made offers for the business but had not been given the time to complete due diligence. He added he was considering legal action as he felt he had been forced out.

He said: “I had been supporting the company financially and the other directors knew if they removed me I would obviously remove my financial backing.”

Ms Hancock said: “It became clear that the only way to continue brewing, save jobs and fulfil customer orders was to place the company into administration.

“It was an extremely difficult decision to make. Speaking personally, I’ve put everything into Redwell and will walk away with nothing, but I desperately wanted to see the name live on.”

Joint administrator Chris McKay, of McTear Williams and Wood, said the firm had accepted the highest offer available and he had needed to move swiftly due to a lack of cashflow to keep operations going.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Insight

It is a word which has dominated financial markets for the past year, as famous as it is infamous: bitcoin.

Chapelfield Shopping Centre owner Intu Properties has agreed a multi-billion pound merger with the company behind Birmingham’s Bullring.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100