One of the gold coast‘s best-known craft breweries has entered voluntary administration for the second time in two years after a sale process failed to attract a buyer.
Worrells partners Chris Cook and James Robba were appointed administrators to Black Hops Craft and Green Hops Brewing on Tuesday.
Speaking on the administration, Black Hops director Luke McCormack said challenges facing the independent brewing sector challenges mounted during the cost of living crisis.
“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.”
Mr McCormack said entering voluntary administration offered the brewery its best chance of preserving the business and securing its future.
“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,” he said.
Insolvency practitioner Chris Cook said the immediate priority was to stabilise the business and assess its financial position.
“The administration…