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Keystone strikes again
Keystone Brewing Group has continued its acquisition strategy buying the Magic Rock and Fourpure brands out of administration.
It is not yet clear what it means for the businesses or workforces as a whole, but the drinks business has learned staff have been informed and In Good Company CEO Steve Cox will continue to head up the two businesses.
The company already owns Black Sheep Brewery, Purity Brewing Co., Brick Brewery and Brew by Numbers, as well as producing non-alcoholic brand Big Drop under licence and distributing French cider and calvados brand Sassy in the UK.
The private equity firm Breal Group rebranded as Keystone Brewing Group following a number of acquisitions in the craft beer space in the past year. However, the business’s tactics have been scrutinised by the trade with some noting its moves as “daylight robbery” and others warning that Keystone undervalued some of the beer businesses.
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Earlier in the year, sources close to the scene warned: “Breal is doing everything it can to hide the fact that everyone is jumping ship and all of these breweries are losing their identities because this is about money, not beer or people or even respecting the integrity of the brewery or its brands. These are all just assets that will be dumped further down the road”.
Back in August, In Good Company admitted it would be forced to close Fourpure Brewing Co’s production site and taproom in Bermondsey and would brew its beer at Magic Rock Brewery in Huddersfield from mid-September. However, since then, Fourpure’s head brewer has also departed and gone on to work for Queer Brewing Co.
Keystone was approached for comment, but has so far remained silent.
More to follow…
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