Jobs have been saved after Swansea-based Boss Brewing was sold out of administration.
Gary Thompson and Michael Kiely, both managing directors of Quantuma Advisory, were appointed joint administrators of the brewery at the end of last month before the brewery was sold in a pre-pack sale.
The buyer and the value of the sale have not yet been disclosed.
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The sale has now ensured the survival of Boss Brewing. Its taproom and brewery on Neath Road in Landore will continue to operate as a result, with its eight members of staff also continuing to keep their roles as no redundancies have been made, said the administrators.
They added that, while Boss Brewing had built an impressive brand with a turnover of £700,00 in 2020, following the effects of Brexit on trade with the European Union, coupled with the Covid-19 pandemic and the national lockdown, the brewery had seen its sales and profits cease almost overnight.
With the cost-of-living crisis affecting businesses and individuals nationwide, customer demand for products reduced while trading costs increased, causing the company significant financial distress. Financial accounts made up to 31 December 2020 on Companies House show Boss Brewing owed £700,451 to creditors and had net liabilities of £390,466.
Mr Thompson said: “Our priority is to achieve the best outcome for Boss Brewery and the pre-pack sale was the way to ensure its longevity. The company faced a barrage of obstacles, but, not only has the sale saved the brewery, but ensured the continuation of jobs for all eight employees.
"It is rewarding work to help keep a previously successful enterprise running, and we’re proud to have played a part in the journey of this fantastic Welsh brewery."
Boss Brewing has been contacted for comment.
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