London-based private equity firm Breal Capital has confirmed the purchase of Brew By Numbers out of administration.
The deal, which had been expected for some time, sees the south London craft brewery join Brick Brewery and Black Sheep in Breal Capital’s portfolio.
The deal would preserve “all employment, while also maintaining a continuity of trade”, said Finbarr O’Connell, joint administrator and a partner at Evelyn Partners.
Breal said it was “excited to be able to onboard” Brew By Numbers, which it described as having “a unique, well-established product range, and equally well-known brand”.
“They will add considerable value to the wider product offerings of Brick and Black Sheep breweries that are now a part of their brewing family,” it added.
Brew By Numbers fell into administration in June after becoming insolvent.
The brewery’s owner Tom Hutchings had sought a pre-pack sale to parties familiar to the business, but administrators elected instead to accept Breal’s bid, describing it as “the best outcome for creditors”.
However, the administrator’s proposals published earlier this month revealed it was unlikely unsecured creditors would receive the more than £1m owed to them by the craft brewer.
The brewery’s secured creditors – Lloyds Bank and other lenders – as well as HMRC were also set to lose out on cash they are owed, owing partly to costs mounting as the sale stalled.
As of 24 July, the costs of realising the sale of the business were estimated at £450,505 by the administrators.
This included their own administration and pre-administration fees, which stood at £128,192 and £152,145 respectively.
Brew By Numbers was founded in 2011 by Hutchings and David Seymour. The brewery has produced more than 350 beer varieties and at various points has supplied supermarkets including Tesco, Sainsbury’s and M&S.
The brewery shut its Bermondsey taproom earlier this year in the face of mounting costs, but has continued to brew and sell beer on-site in Greenwich.
The Modern Wharf taproom would continue trading as normal with minimal disruption, the administrators added.
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