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), greatest identified for its Keepr’s and Two Birds manufacturers, mentioned its shares on the Aquis trade 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 house and overseas.

BHC had warned in December final 12 months {that a} £750,000 mortgage it had agreed would solely tide it over for therefore 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 establish since this date, but it surely has proved extraordinarily difficult, with no provide of funding help being forthcoming to this point”, its assertion mentioned.

“Vital 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, based mostly 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 could be bought as a going concern given the extent of curiosity final 12 months when a proper sale was an choice below a strategic evaluation.

Its final set of accounts confirmed gross sales of virtually £8m throughout 2021, in response to Refinitiv knowledge.

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

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