Craft gin maker British Honey flies towards administration after funding failure

A producer of honey-based merchandise together with craft gins has revealed plans to name in directors after failing to safe long-term funding and a sale of the enterprise.

Oxfordshire-based British Honey Firm (BHC), finest recognized for its Keepr’s and Two Birds manufacturers, mentioned its shares on the Aquis alternate had been suspended pending the formal appointment of companions at FRP Advisory.

The corporate, which employs 80 individuals at its manufacturing unit and warehouse in neighbouring Buckinghamshire, was based in 2014 as a honey producer however later expanded because the craze for flavoured sprits, together with craft gin, gathered tempo each at dwelling and overseas.

BHC had warned in December final yr {that a} £750,000 mortgage it had agreed would solely tide it over for thus lengthy.

“At the moment the board made clear that additional funding would must be secured early this yr, which the corporate has tried to determine since this date, but it surely has proved extraordinarily difficult, with no provide of funding assist being forthcoming up to now”, its assertion mentioned.

“Vital prices financial savings have been made within the enterprise with a purpose to preserve money. However these price financial savings, BHC would require additional funding by finish of March 2023, primarily based on present administration forecasts.

“Regrettably, the board has concluded that it’s required to take the required steps to protect worth for collectors.”

It’s understood there are nonetheless hopes the enterprise will be offered as a going concern given the extent of curiosity final yr when a proper sale was an possibility below a strategic evaluation.

Its final set of accounts confirmed gross sales of just about £8m throughout 2021, in response to Refinitiv information.

However it’s believed funding woes final yr, coinciding with the price of dwelling disaster, noticed the corporate lower 30 jobs as a part of its price reductions.

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