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 folks at its manufacturing facility 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 residence and overseas.

BHC had warned in December final 12 months {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 12 months, which the corporate has tried to determine since this date, however it has proved extraordinarily difficult, with no provide of funding assist being forthcoming thus far”, its assertion mentioned.

“Important prices financial savings have been made within the enterprise with a purpose to preserve money. However these value 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 mandatory steps to protect worth for collectors.”

It’s understood there are nonetheless hopes the enterprise may be offered as a going concern given the extent of curiosity final 12 months when a proper sale was an choice below a strategic evaluate.

Its final set of accounts confirmed gross sales of just about £8m throughout 2021, based on Refinitiv knowledge.

However it’s believed funding woes final 12 months, coinciding with the price of residing disaster, noticed the corporate minimize 30 jobs as a part of its value reductions.

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