Small breweries closing amid financial pressures – report
Dozens of mainly smaller breweries have become insolvent in the last year as they face mounting financial pressures, according to a new report.
Many of the 43 insolvencies are small, independent craft beer producers, said accountancy group UHY Hacker Young.
Brian Johnson, of UHY Hacker Young, said: “The craft beer boom was one of the most exciting recent trends in food and drink. Unfortunately, it is a sector that attracted too many entrepreneurs who struggled to break even.
“The recent closures suggest the UK’s craft beer market cannot continue to support all the independent producers that have sprung up in the last 15 years.
“Weak consumer spending means many breweries will have to adapt to leaner times.”
The report added that many small brewers are caught in a “perfect storm” of production costs soaring while household spending remains tight.
Published: by Radio NewsHub