Administrators of Tyne Bank Brewery have revealed the company had liabilities of more than £350,000 before its assets were sold to new owners earlier this month.
The Byker craft beer business - which had contracts with the likes of Morrisons, the Co-op and National Trust, and had won numerous national awards - ran into difficulties following Covid restrictions that crippled the hospitality industry in 2021. New documents show administrators from FRP thought the company had "clear potential for growth" before its former director was forced to call them in when footfall at its Walker Road taproom and orders from pub customers failed to recover and incurred major losses.
New owners Olly Bennett and Matt Daniels - directors of the Inn Hospitality Group - recently acquired the brewery for £70,000 via a company called Project Barrel Ltd and have spoken of plans to continue trade with a new events focus for the Brewery's Victorian warehouse premises.
