Fri, 26 Mar 2021 | ADMINISTRATION
Craft brewery WooHa Brewing Company has filed for administration and is seeking a buyer for its business and assets. The company blamed the financial strains of COVID-19 and Brexit, saying it had suffered as a result of the pressures caused by the pandemic on the global hospitality and licensed trade industry, as well the increased costs for exporters following Brexit.
The Kinloss-based firm have appointed Iain Fraser and Tom MacLennan of FRP partners as administrators, and have instructed them to find a buyer for the firm. Commenting on the announcement, Mr Fraser stated that the severe impact of the events was an unfortunate hit to the firm, which has experienced rapid growth in recent years.
"Despite every effort by the directors to keep the business trading and ensure it would be able to capitalise on the recovery when it comes, the severe financial problems meant that administration was the only option," he said.
"We will also be looking to sell the business and assets, either in whole or in part as quickly as possible and would ask any interested parties to contact FRP as soon as they can."
WooHa Brewing Company was founded by Heather McDonald in 2015, and has since grown both its domestic and export business to create a number of partnerships across the UK, US, Italy and China. The firm has also recently secured a number of lucrative agreements with well-known brands, including Wetherspoons, Ocado and Amazon Prime.
Since it was launched, the business has managed to secure £2.3 million from private investors, including funds from a crowd funding campaign that helped the firm create its expansive export business ahead of the global pandemic.
View the latest distressed UK businesses here.
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