Black Sheep Brewery owner Keystone Brewing acquired in £4.5m deal

Breal Capital-backed Keystone Brewing Group has been acquired by newly-formed Great British Drinks Company for around £4.5m.

 

The pre-pack deal will save 145 jobs at Yorkshire’s Black Sheep Brewery and its sister brands including Purity Brewing Co, Brew By Numbers, Brick Brewery, North Brewing Company, Magic Rock Brewing and Fourpure Brewing Co.

 

The new owner has committed to a future investment plan of more than £2m to restore the business back to growth.

 

Keystone had filed a notice of intent to appoint FRP Advisory as administrators last month, with a company spokesperson telling The Caterer that the move was “a protective measure that allows us to keep trading as normal while we secure new investment or explore a potential sale”.

 

Anthony Collier and Martyn Rickels of FRP Advisory Manchester, were appointed joint administrators of the company on 22 January, advised by Shoosmiths, and immediately completed the pre-pack sale of the business and assets.

 

In recent months, the business faced increasing financial pressure as a result of challenging trading conditions across the brewing and hospitality sector.

 

The pre-pack sale should ensure the business will continue to trade without interruption under new ownership.

 

The Great British Drinks Company is backed by family entrepreneurs Sunny and Ravi Sharma, who are behind Paramount Retail Group, which spans the pet, home interiors, food, drinks and DIY sectors.

 

Black Sheep Brewery and its sister brands will join fellow Yorkshire craft brewer Saltaire (acquired in 2024) in Paramount’s portfolio, to form a combined group generating £28m of annual sales.

 

Great British Drinks Company co-founder Sunny said the acquisition will save three heritage brewery sites, insisting these are not just businesses but also community and local tourism assets.

 

Sunny added: “Our approach is to ensure each brewery and its brands maintain their distinctiveness and independence, that only comes from the people and places involved, not through consolidation. Our ethos is one of stewardship.”

 

Fellow co-founder Ravi said: “This isn’t just a restoration deal, it’s about restoring pride to Yorkshire. The region has a proud brewing heritage, and we could not stand by and let that be lost. The next few months will be exciting, the business has some fantastic people, brilliant customers and a group of suppliers that we will be very focussed on rebuilding relationships with. The Great British Drinks Company is open for business and here for the long term.”

 

Anthony Collier, joint administrator and partner at FRP, said: “Keystone Brewing is a well-established and highly regarded business with strong brands and a loyal customer base. This transaction provides the business with a secure future under new ownership and delivers a positive outcome for employees and customers alike. We’re pleased to have achieved a sale that preserves jobs and enables the business to continue trading seamlessly.”

 

At the beginning of 2025, Keystone itself stepped in to save Magic Rock and Fourpure after their holding company, In Good Company Brewing, fell into financial difficulties.

 

The beers joined Keystone’s existing brands including Maison Sassy, Big Drop Brewing Co and BBNo. The company also began an exclusive UK sales and distribution partnership with Bavarian lager Hofmeister earlier last year.

 

Keystone’s owner Breal acquired Purity Brewing Company and Pure Craft Bars out of administration in January 2024, saving all 60 staff jobs in the process.

 

The London-based firm bought Yorkshire’s Black Sheep Brewery in May 2023, as well as London craft brewers Brick Brewery, Brew by Numbers and wine bar Vinoteca that August.

 

Black Sheep Brewery was founded in 1992 by Paul Theakston in Masham, North Yorkshire.