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The Bottle Shop goes under

Published:  26 March, 2019

The Bottle Shop has called in the administrators and shut the business with immediate effect following a tough few months.

The craft beer business, which comprises bars in London, Canterbury and Margate alongside its wholesale arm, announced late yesterday that it was closing down with all staff being made redundant.

Administrators had been appointed to handle the liquidation of the business, said owner Andrew Morgan, who founded the business in 2010.

“We came incredibly close to agreeing an offer that would have not only saved the business but given us a very bright future but it didn’t happen. As the director, I had a legal obligation to discuss our finances with an insolvency firm once the deal fell-through and today’s news is the result.”

The news follows The Bottle Shop succeeding on Crowdcube in 2017, and having recorded its highest turnover in November, but this was followed by a dismal performances across December and January, which were “well under forecast”, said Morgan, adding the company had suffered a “major blow” following its crowdfunding success with a supplier dropping the business shortly afterwards taking 23% of its wholesale business with them.

“This was a torpedo blow to our forecasts and though the team valiantly and brilliantly battled to overcome this, when another top-three brewery dropped us with no notice last year, it didn’t help our situation.”

In a bid to save the business, it brought on a consultant but “quickly realised the extent of the financial legacy we were carrying from the breweries we’d lost”.

“I set about finding a partner and came incredibly close to announcing something very positive but it wasn’t to be.

“This is small consolation for those who are left with debts outstanding from the business. I know it’s going to have a knock-on effect within the industry and it’s a very tough environment for everyone out there.

“Having devoted over eight years of my life to this, being the biggest shareholder and lent the business money, I’m not immune to the reality of this situation but we all make choices and sometimes they don’t work out.”