Steve Cox, the CEO behind failed beer business In Good Company (IGC), is to join Keystone Brewing Group a little over a month after its two major brands were swallowed up by the Breal-backed group.
Cox moves to Keystone having failed to turn around the fortunes of Fourpure and Magic Rock Brewing, both of which were acquired by IGC from Australasian brewer Lion in 2022, but sold to Keystone in distressed circumstances at the end of January.
Fourpure was placed into administration in October, with Magic Rock filing notice of intent to appoint administrators in January.
Beers from the brands are now being brewed at Keystone’s production facilities in Yorkshire and the Midlands. Fourpure’s London brewing site was shuttered last August, and Magic Rock’s production facility and taproom in Huddersfield closed in January.
Both businesses were in significant arrears with creditors including HMRC, documents pertaining to their administration published on Companies House show.
Cox was “a highly experienced industry figure” and brought “a wealth of experience, including founding and building successful bars and restaurants and most recently as CEO of In Good Company”, Keystone said in a statement. He would be charged with steering Keystone towards its target of reaching £100m in revenue by 2028, it added.
Current Keystone CEO Mark Williams, meanwhile, is to return to his role as shareholder and board member at parent company Breal.
Despite being less than two years old, Keystone was known for its “commitment to excellence, creativity and rapid national growth”, Cox said.
“It has some fantastic brands in its portfolio and I’m looking forward to this new chapter in the group’s expansion and innovation,” he added.
Along with Fourpure and Magic Rock, Keystone’s portfolio also includes Black Sheep Brewery, Purity Brewery, Brick Brewing, Brew by Numbers and North Brewing.
It also distributes non-alcoholic beer brand Big Drop and Maison Sassy cider.
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