145 Jobs Rescued as UK Brewing Giant Saved in £4.5 Million Deal
In a significant development for the UK brewing industry, Keystone Brewing Group Ltd has been rescued from administration, securing the future of 145 jobs across its operations. The business was acquired in a £4.5 million rescue deal by family-run investment firm Paramount Retail Group, marking a positive outcome for employees and the regional economy.
Formation of a New Brewing Entity
The rescue has led to the creation of a new entity, the Great British Drinks Company, formed by combining Keystone Brewing Group with Saltaire Brewery. This merger brings together well-known brands under one umbrella, including Black Sheep, Purity Brewing Co., Magic Rock Brewing, and North Brewing Company from Keystone, alongside Saltaire's offerings.
Sunny Sharma, Co-Founder of Great British Drinks Company, emphasised the broader significance of the deal, stating: "This isn’t just a restoration deal. It’s about restoring pride to Yorkshire. The region has a proud brewing heritage and we could not stand by and let that be lost." He highlighted the company's strong financial footing, with combined sales reaching £28 million, and assured that the distinct identities of each brand would be preserved under the new stewardship.
Administrator's Perspective on the Transaction
The sale was conducted as a pre-packaged administration deal, with Keystone's business and assets transferred to West Yorkshire-based Saltaire Brewery. Anthony Collier, the administrator involved, commented on the transaction, noting: "Keystone Brewing is a well-established and highly regarded business with strong brands and a loyal customer base. This transaction provides the business with a secure future under new ownership and delivers a positive outcome for employees and customers alike."
This rescue not only safeguards jobs but also reinforces the resilience of the UK's brewing sector, particularly in Yorkshire, known for its rich brewing traditions. The move is expected to stabilise operations and foster growth under the newly formed Great British Drinks Company, ensuring continuity for beloved brands and their communities.
