UK-based Black Sheep Brewery is no longer contemplating a sale of the business after holding talks over securing new funding.
Earlier this month, the cask ale producer and pub operator said it was looking at a sale of the company or merger to “take the business forward”.
However, in an update issued today (28 April), Black Sheep Brewery said a potential sale was no longer part of its thinking after attracting no offers.
“The board has been considering all options to provide the company with additional funding and has been in discussions with a wide range of parties.
“The board continues to assess its options, which may include the sale of the business and assets of the company. However, the board has not received any offers for the issued and to be issued share capital of the company and is therefore no longer considering the sale of the company.”
Black Sheep Brewery said it “is no longer in an offer period” and the need to make disclosures “has now ceased”.
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By GlobalDataIn its statement earlier this month announcing the strategic update, the company said it had “exciting and ambitious plans for the future” but “forward funding” was proving a major issue. At the time, the brewery said its board was “considering all options” to provide a “stable base for the future of the business”.
In the year to 31 March, Black Sheep Brewery turned over £14.2m ($17.7m), up 6.76% from £13.3m the year prior. The company posted an adjusted EBITDA of negative £131,726 and an adjusted operating loss of £911,752 compared to £1.1m the previous year.
