A Norwich craft brewer which supplies Tesco and Aldi has been bought by new owners after administrators stepped in.
Redwell Brewery, based in Trowse, was placed into administration on Monday but has been purchased by a team of local investors, under the name Three Arches Brewing, who will seek to fulfil orders and keep the brand alive.
Insolvency experts McTear Williams and Wood, who were appointed as administrators for the company, said it had run into financial difficulties as a result of losses accumulated over several years. Four jobs have been saved by the pre-pack sale of the company. Such a sale means a company's assets are brought but not its debt, with the potential result that creditors could lose out.
After a bidding process, led by McTear Williams and Wood, a group of investors, led by John Hughes and Warren Thorp, were appointed as new owners of the business at the beginning of the week. They say they are in dialogue with Redwell's suppliers and local customers with the aim of securing future relationship.
Redwell Brewery was founded in 2013 by Amy Hancock and Patrick Fisher with the backing of two further investors. The brand has become well known in Norfolk, was a member of the Future50 programme for innovative businesses and secured the supermarket deals earlier this year.
Mr Fisher denied that Redwell had been in need of administration and said he, and others, had made offers for the business but had not been given the time to complete due diligence. He added he was considering legal action as he felt he had been forced out. He said: "I had been supporting the company financially and the other directors knew if they removed me I would obviously remove my financial backing."
Ms Hancock said: "It became clear that the only way to continue brewing, save jobs and fulfil customer orders was to place the company into administration. It was an extremely difficult decision to make. Speaking personally, I've put everything into Redwell and will walk away with nothing, but I desperately wanted to see the name live on."
Joint administrator Chris McKay of McTear Williams and Wood said the firm had accepted the highest offer available and he had needed to move swiftly due to a lack of cashflow to keep operations going.