Artisan brewers are feeling the brunt of the cost of living crisis, as drinkers opt for mass-produced, cheaper brands rather than premium craft tipples.
Figures show the number of breweries going bust has tripled in the past year as drinkers count the pennies and turn away from pricey premium ales in a bid to save money. Figures by accountants Mazars show that there were 45 insolvencies in the year to the end of March, up from 15 the year before, as craft brewers are hit by hit by rising costs and tough competition.
The famous Black Sheep Brewery, in Masham, North Yorkshire, called in the administrators earlier this year after it made a £1.6m loss in 2022/23 as it struggled with the fallout from the pandemic and rising costs and in Newcastle, the Tyne Bank Brewery ran into difficulties following Covid restrictions that crippled the hospitality industry in 2021. Both breweries were rescued from closure by new owners.
