Yesterday, Black Hops Brewing faced imminent death. Today, the acclaimed gold coast brewery is back on track after a group of investors – Black Hops Craft – swooped in to save the business at the 11th hour.
“We are passionate supporters of craft beer and independent breweries,” Black Hops Craft’s Darren Hill said in a statement supplied to Broadsheet. “Most importantly, we believe in the team and the quality of the product. That’s why we’re taking on the Black Hops brand.
“Independent breweries are an important part of the beer landscape and we genuinely feel Black Hops is a jewel in the crown of the craft beer industry.”
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It’s been a rough road to get here. Black Hops has been on life support since March, with debt of $7.32 million owed to the ATO and other stakeholders.
Deloitte Turnaround & Restructuring was appointed to handle the administration, and have been trying to secure a rescue deal since.
Tim Heenan and David Mansfield of Deloitte concluded that Black Hops had been insolvent from as early as December 2022, and that the business should be placed into liquidation to pay back debtors. The tune is…
