Keepr

Mar 22, 2023

March 22, 2023 The firm behind the Keepr and Two Birds brands said stocks are on hold He warned in December that the £750,000 loan would only last until “beginning” of the year. In 2021, the company’s sales were £8 million, but this was set to drop to £6 million in 2022. The British Honey Company, a British producer of honey and craft spirits, is set to go into administration after failing to secure long-term funding and find a buyer. - Advertisement - The company behind the Keepr and Two Birds brands was suspended from the Aquis exchange on Tuesday pending the appointment of FRP Advisory administrators. BHC, headquartered in Oxfordshire and employing about 80 people at a distillery in Market Harborough, Leicestershire, was founded in 2014 initially as a honey producer and later expanded into honey-flavored spirits, including gin and rum. - Advertisement - - Advertisement - The firm received a £750,000 loan in December but warned that the cash would only support its “short-term working capital needs” and would therefore require additional funding “early” this year. “The Board made it clear at the time that additional funding would need to be secured early this year, which the company has been trying to identify from that date, but this has proved extremely difficult as no financial support has been offered to date.” he told investors today. “Significant cost savings have been made in the business to conserve cash. Despite these cost savings, BHC will need additional funding by the end of March 2023 based on management’s current projections. “Unfortunately, the board has concluded that the necessary steps must be taken to preserve value for creditors.” The company added that a number of negotiations are underway with interested parties, which may or may not result in the sale of all or part of the business. This follows the announcement of a strategic review last October, including a possible sale, when several parties expressed interest. In a trading report in January, the company said sales in the second half of 2022 were impacted by lower consumer spending and expected full-year revenue of £6m, up from £8m in 2021. The slowdown in sales follows strong acquisitions in recent years. In 2020, she bought London Distillery Company brands including Dodd’s Organic Gin, London Distillery Rye and Single Malt Whiskey. In 2021, it completed the acquisition of Leicestershire-based Union Distillers, an independent producer and distributor of private label and white label spirits, whose customers include some major supermarkets. DIY INVESTMENT PLATFORMS