Launched in 2015, WooHa Brewing Company Ltd is a brewery producing a range of craft beers from its base in the Scottish Highlands, supplying bars, restaurants and shops in the UK, as well as international markets across Europe and Asia. The business was heavily impacted by both the COVID-19 pandemic and Brexit. The management team had responded to these challenges by actively revisiting the company’s sales channels, and diversifying its export routes. However, the management identified that the business would run out of cash before being able to secure recovery and therefore FRP were appointed administrators.
Retaining a core group of staff, our Restructuring Advisory team undertook an accelerated merger and acquisitions (AMA) process to sell the business and its assets as a going concern. Following significant national media coverage, 75 parties expressed interest in the business and/or assets, in addition to approximately 250 other parties that FRP identified and contacted. A number of offers were received for the business and assets; however, they were below the level required by the administrators. We continued to liaise with a smaller number of parties beyond the closing date for offers.
FRP successfully negotiated and concluded a sale agreement for the business and its assets with North Coast Brewing Co Ltd, a new company owned and operated by an individual with a range of other craft brewing interests. The sale allowed the brand to continue trading and saw the immediate re-employment of a number of former staff. It’s likely that the sale will allow for further local employment opportunities once the business fully recommences trading.
The number of potential buyers contacted by FRP as part of the AMA process.