The owners of Fourpure brewery have placed the limited company that produces its beers into administration.
In Good Company, the craft beer portfolio business that owns Fourpure and Magic Rock, said the move would “protect the brand from future liability, the ongoing market pressures and tough commercial realities in the drinks and hospitality industries”.
Ownership of the Fourpure brand was to transfer to In Good Company Limited, the company said.
It comes after Fourpure applied for a company voluntary arrangement in March to secure more time to pay its creditors.
The administration would not “impact staff or any of In Good Company Beverages Limited’s wider portfolio of brands”, In Good Company claimed.
Fourpure would “continue to exist in the same way it does currently with its beers brewed, canned and produced at Magic Rock Brewing”, it said.
However, The Grocer understands the closure of Fourpure’s Bermondsey site last month has led to redundancies for a number of production staff. In Good Company did not immediately respond to a request for clarification on the scale of these layoffs.
The business is currently hiring for a total of nine production, sales, operations and hospitality roles across its brands.
The majority of jobs are based at, or require regular travel to, Magic Rock in Huddersfield.
“We’ve had to make a number of tough decisions to protect the overall business, which includes moving Fourpure’s London brewing operations to its sister brewer Magic Rock in Huddersfield, and this month voluntarily filing for administration for Fourpure Limited,” said In Good Company CEO Steve Cox. “Both decisions have been made to futureproof the brands and the wider business, as we look to maintain stability but also strive for ambitious growth targets.
“Anyone in the craft beer, drinks and hospitality sectors will be familiar with the current challenges of operating in this space,” Cox continued. “We are determined to keep taking positive strides to safeguard In Good Company and its portfolio to allow for growth and innovation.”
The extent of Fourpure Limited’s debts, meanwhile, remain unclear. The company has not filed a full-year set of accounts since being acquired by In Good Company from Lion in August 2022.
No comments yet