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Forest Road receives ‘winding up petition’ from HMRC
Forest Road Brewing Co has filed a “winding up petition” for the Bermondsey-based brewery in a move that readies the business for closure. The post Forest Road receives ‘winding up petition’ from HMRC appeared first on The Drinks Business.
Forest Road Brewing Co has seen HMRC file a “winding up petition” in a move that signals it could be in the process of being readied for closure.
The Bermondsey-based brewery which has been running since 2015 and is based on the Elizabeth Industrial Estate, saw HMRC file its petition yesterday (11 June).
A winding-up petition from HMRC is essentially a legal action taken by the tax authority to force a company into compulsory liquidation when it fails to pay its outstanding debts, such as unpaid taxes. The petition then sends a request to the courts to close the company and then use its remaining assets to repay creditors along with any outstanding tax it owes.
The news occurs amid a backdrop of myriad challenges across the beer sector which are forcing independent breweries across the UK out of business. To reflect this, the total number of breweries in the UK has continued to drop, with 136 fewer brewers remaining in business compared to last spring.
Forest Road, which uses the slogan “high grade beer for high grade people” is known for its 4.1% ABV Posh Lager and line-up of IPAs such as Ride (4.6% ABV), Sesh (4.3% ABV) and Work (5% ABV) and was started out of a backpack by its founder Pete Brown who moved several times over before settling in South Bermondsey in 2020.
The South Bermondsey set-up includes a semi-automatic, 50-barrel, four-vessel brewhouse capable of producing 30,000 hectolitres a year, equal to more than five million pints), although four years ago Forest Road had projected that it expected to make 11,000 (nearer to two million pints) in the first 12 months of taking on the site.
The brewing site marked a pivotal turning point for Forest Road and, after it had been secured, Brown had admitted that his beer had been made "under contract" elsewhere since the company had been founded. At the time of moving to the South London site, Brown had promised that customers could expect "a 20% increase in quality".
It is not yet clear as to whether brewery staff will Forest Road Brewing Co will be affected at present, but Forest Road has been contacted by db for further comment, however, at present it has stayed silent on the situation.
The Bermondsey-based brewery which has been running since 2015 and is based on the Elizabeth Industrial Estate, saw HMRC file its petition yesterday (11 June).
A winding-up petition from HMRC is essentially a legal action taken by the tax authority to force a company into compulsory liquidation when it fails to pay its outstanding debts, such as unpaid taxes. The petition then sends a request to the courts to close the company and then use its remaining assets to repay creditors along with any outstanding tax it owes.
The news occurs amid a backdrop of myriad challenges across the beer sector which are forcing independent breweries across the UK out of business. To reflect this, the total number of breweries in the UK has continued to drop, with 136 fewer brewers remaining in business compared to last spring.
Forest Road, which uses the slogan “high grade beer for high grade people” is known for its 4.1% ABV Posh Lager and line-up of IPAs such as Ride (4.6% ABV), Sesh (4.3% ABV) and Work (5% ABV) and was started out of a backpack by its founder Pete Brown who moved several times over before settling in South Bermondsey in 2020.
The South Bermondsey set-up includes a semi-automatic, 50-barrel, four-vessel brewhouse capable of producing 30,000 hectolitres a year, equal to more than five million pints), although four years ago Forest Road had projected that it expected to make 11,000 (nearer to two million pints) in the first 12 months of taking on the site.
The brewing site marked a pivotal turning point for Forest Road and, after it had been secured, Brown had admitted that his beer had been made "under contract" elsewhere since the company had been founded. At the time of moving to the South London site, Brown had promised that customers could expect "a 20% increase in quality".
It is not yet clear as to whether brewery staff will Forest Road Brewing Co will be affected at present, but Forest Road has been contacted by db for further comment, however, at present it has stayed silent on the situation. 
