Popular craft brewery Black Hops has entered into administration after the company failed to find a last minute buyer.
This is the second time the gold coast-based brewery has gone into administration.
Administrators Chris Cook and James Robba of Worrells were appointed to two companies behind the business – Black Hops Craft and Green Hops Brewing – late on Tuesday.
Black Hops will continue to operate as normal while the administrators work with directors and senior managers to assess the company’s current financial position and commence a sale of the business.
Black Hops director Luke McCormack said the company was part of a growing trend of Australian breweries struggling to survive.
“Unfortunately, the headwinds affecting the Australian independent brewing sector have never been stronger,” he said in a statement.
“Over the past few months, the business was well advanced in sales discussions, but regrettably these broke down at the 11th hour.
“We now believe voluntary administration provides the best opportunity to preserve the business and maximise the prospects of a successful future and we will be assisting Worrells throughout this process.”
Mr Cook said Black Hops was a recognised brand with a loyal customer…