Brewery toasts future after problems
YORKSHIRE brewery Copper Dragon’s future has been secured despite a period of financial uncertainty.
The Skipton-based company’s pub arm, Copper Dragon Estates, went into liquidation last month, leaving Copper Dragon Brewery in administration.
Copper Dragon opened a £4.5m brewery and visitor centre in November 2008, a move which helped the business boost its turnover to close to £4m.
Managing director Steve Taylor said Copper Dragon’s finances had now been restructured, enabling its team of 55 staff to keep their jobs and the future of the brewery to be secured.
Mr Taylor is set to complete a £3m deal to secure the company’s future with its bistro at the Snaygill Industrial Estate set to reopen.
He is to buy a 100% stake in the business from the administrators, who it is understood were called in after Mr Taylor refused to grant the company’s banks an increased equity stake in the business.
Mr Taylor, who established the business in 2002, said the brewer had “weathered the storm of a difficult and frustrating period caused by the fall out from the credit crunch at a point in time when it underwent significant expansion”.
He said: “We were operating at optimum capacity at our old facility and required new premises and larger brew-house in order to expand from a micro brewer to a regional brewery.
“We moved into our new £4.5 million brewery and bistro facility on Snaygill Industrial Estate in November 2008 at a time when the world financial system was in crisis.
“With the outstanding support and understanding of every single member of staff, customers and suppliers, we have all worked tirelessly over the Christmas and New Year period to get through and I’m delighted to say that we are now back on track.”
Copper Dragon has six pubs in Yorkshire and Lancashire which will continue to trade under the Copper Dragon brand.
Under the new arrangements, ownership of two pubs and leases on another four, will be transferred to Copper Dragon Brewery.
Copper Dragon’s beers include Golden Pippin and Best Bitter which are supplied to pubs and shops.
The company is planning to roll out its range further afield this year.
