A family-run brewery has collapsed into administration after 100 years in business. Tottenham-based Redemption Brewing Company has called in administrators from FRP Advisory, who have now taken control of the business. They are seeking a potential buyer while operations continue during the administration process.
FRP stated: "It follows a sustained period of financial pressure on the business. Rising duty rates in recent years have placed a particular burden on independent brewers, who face a more challenging cost environment than larger national and international competitors."
The business is famous for being the first commercial brewing operation to open in the north London area for almost a century back in 2010. Its flagship offering is the award-winning premium bitter called Hopspur, which pays tribute to its north London roots. According to City AM, long-term creditor obligations stood at £426,658.
It comes after Scottish brewery Innis & Gunn announced it will close all its locations and cut 100 jobs. Three taprooms and the brewery will shut down, along with most of its employees.
A statement by administrators read: "The Group, like many across the sector, has faced a number of challenges in recent months. The Administrators note that a combination of factors including a decline in consumer spending and rising cost pressures… has meant the business could no longer continue to trade. It is with deep regret that redundancies will need to be made. The Administrators would like to thank all the employees of the Companies for their hard work. We will continue to support those affected at this difficult time. A small number of employees have been retained to support the orderly closure of the brewery business and the taprooms."
