Black Sheep Brewery News: Administration Fears, Keystone’s Collapse, and the Future of Masham
For the second time in just two years, a shadow hangs over Masham. The Black Sheep Brewery, a fiercely independent icon of Yorkshire brewing born from a family rebellion, is fighting for its life again.
If you have been following the latest Black Sheep Brewery news, the headlines are alarming. As of late November 2025, Keystone Brewing Group, the private equity owners behind the brand, have filed a Notice of Intention (NOI) to appoint administrators.
This isn’t just a balance sheet correction. It is a crisis that threatens 190 jobs, the local economy of the Yorkshire Dales, and the future of some of Britain’s most beloved cask ales.
Here is everything you need to know about the collapse, why it is happening now, and whether you’ll still be able to find a pint of Riggwelter this Christmas.
Breaking News: What Has Happened to Black Sheep Brewery?
On November 28, 2025, Sky News broke the exclusive story that Keystone Brewing Group had filed a Notice of Intention to appoint administrators. This legal move places the brewery, 3and its sister brands like North Brewing Co and Purity Brewing, in a precarious position.
The Notice of Intention (NOI) Explained
If you are not fluent in corporate insolvency, an NOI sounds terminal. It isn’t—yet.
Think of a Notice of Intention as a temporary shield. It prevents creditors from taking legal action against the company for a short period (usually 10 days). It gives the owners breathing room to find a buyer or restructure the debt. However, it is almost always the prelude to administration.
According to reports, FRP Advisory, the same firm that handled the brewery’s previous administration in 2023, has been lined up to handle the process.
Why Now? The “Toxic Cocktail”
Why is this happening again so soon? The brewery was “saved” only 18 months ago.
Sources close to the situation cite a “toxic cocktail” of pressures that have made the business unviable in its current form:
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Sky-High Costs: Energy prices and raw material costs (barley and hops) have remained stubbornly high throughout 2025.
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Budget Fallout: The recent UK budget introduced changes to National Insurance and the minimum wage, which hit hospitality businesses with large workforces particularly hard.
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Consumer Confidence: The cost-of-living crisis has reduced footfall in pubs. People are drinking less, and when they do drink, they are spending less.
From Rescue to Crisis: The Keystone Brewing Timeline
To understand the current Black Sheep Brewery news, you have to look at the aggressive, and perhaps reckless—strategy of its owners over the last two years.
The 2023 Breal Capital Rescue
In May 2023, Black Sheep Brewery entered administration for the first time. It was rescued by Breal Capital in a controversial “pre-pack” deal.
While the deal saved the brand and kept the mash tuns running, it left a bitter taste locally. Shareholders, many of whom were loyal locals and “Sheep Shearer” superfans—were wiped out. The “Black Sheep” family ethos was replaced by private equity management.
The Aggressive Expansion of 2024-2025
Once Breal Capital took over (rebranding their brewing arm as Keystone Brewing Group), they didn’t just try to stabilize the ship. They tried to build an empire.
Throughout 2024 and early 2025, Keystone went on a buying spree, snapping up other struggling craft breweries:
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Brick Brewery (London)
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Brew By Numbers
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North Brewing Co (Leeds)
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Purity Brewing (Warwickshire)
Here is the content gap most reports miss: This rapid expansion is likely the root cause of the current collapse. Trying to integrate multiple failing businesses into one group within 18 months is a logistical nightmare. Instead of creating a “brewing powerhouse,” they appear to have created a structure too heavy to support its own weight.
Who are Keystone Brewing Group?
You might see “Breal” and “Keystone” used interchangeably. To clarify: Keystone Brewing Group is the specific entity formed to hold these brewery assets. They are backed by the investment firm Breal Capital. Their strategy was “Buy and Build”, acquire distressed brands cheap and consolidate operations. That strategy has now seemingly failed.
The “Identity Crisis”: Private Equity vs. Family Heritage
I have been drinking Black Sheep Best Bitter for over a decade. The brand’s entire identity is built on Paul Theakston’s decision in 1992 to leave his family’s company (Theakston) after it was sold to a major corporation, so he could brew independently.
There is a profound irony in the current situation. The “Black Sheep” was born to fight corporate brewing. Now, it is dying by the sword of corporate restructuring.
The Local Impact on Masham
The Northern Echo reports that over 190 jobs are at risk across the group. In a major city, that is a statistic. In Masham, a small market town in North Yorkshire, it is a catastrophe.
Black Sheep is not just a factory; it is a tourist hub. The Visitor Centre draws thousands of people to the Dales every year. If the brewery closes, the knock-on effect for local B&Bs, cafes, and suppliers will be severe.
The View from the Bar: Speaking to locals in Yorkshire pubs this week, the sentiment has shifted from relief (in 2023) to anger. There is a feeling that the brewery has been treated as a financial asset to be stripped and flipped, rather than a custodian of Yorkshire heritage.
Consumer Guide: Can I Still Buy Black Sheep Ale?
If you are a fan of the beer, your immediate questions are practical. Here is the situation on the ground as of November 29, 2025.
Are the Pubs and Visitor Centre Open?
Yes. During a Notice of Intention and the early stages of administration, businesses usually continue to trade.
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The Black Sheep Visitor Centre in Masham remains open.
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Keystone-owned pubs are currently serving.
However, this can change overnight. If administrators cannot find a buyer quickly, closures could follow.
Stock Availability (Supermarkets & Online)
The beer is still flowing to supermarkets (Tesco, Morrisons, Waitrose) for now. However, supply chains are the first thing to break in administration.
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My Advice: If Riggwelter or Black Sheep Ale is your tradition for Christmas dinner, buy it now. Do not wait for mid-December.
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Online Shop: The official website is still accepting orders, but be cautious with large purchases until the administration status is confirmed.
FAQs
Is Black Sheep Brewery closing down permanently?
Not yet. The “Notice of Intention” is a protective measure to allow for a sale or restructure. However, the risk of permanent closure is higher now than it was in 2023.
Who owns Black Sheep?
It is owned by Keystone Brewing Group, a spin-off from the investment firm Breal Capital. They acquired the brewery in May 2023.
What other brands does Keystone Brewing Group own?
Keystone also owns Purity Brewing, North Brewing Co, Brick Brewery, and Brew By Numbers. All these brands face uncertainty under the current filing.
What is a “Notice of Intention” in administration?
An NOI is a legal document filed at court. It gives a struggling company protection from creditors for 10 business days while they try to find a solution (like a sale).
Did Black Sheep go bust in 2023?
Yes, technically. It entered administration in May 2023 and was immediately sold to Breal Capital (now Keystone) in a “pre-pack” deal.
Are Black Sheep pubs still open?
Yes, the pubs and the Visitor Centre in Masham are currently trading as normal.
How many jobs are at risk at Black Sheep?
Approximately 190 jobs are at risk across the Keystone Brewing Group operations.
Summary
The Black Sheep Brewery news is grim, but the final chapter hasn’t been written yet. Keystone Brewing Group has hit a wall, brought down by aggressive expansion and a brutal economic climate.
Beer brands are resilient, but breweries are fragile. We have seen heritage brands disappear before, only to exist as a label brewed in a generic factory hundreds of miles away. That is the real fear for Masham, not that the beer will disappear, but that the brewery will.
What You Can Do: If you want to support the staff and the legacy, vote with your wallet. Visit the taproom in Masham if you can. Buy a crate from the brewery shop. Show the potential buyers that this isn’t just a “distressed asset”—it’s a brand with a heartbeat.
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