Investors buy Black Hops Brewing in last-minute reprieve as company behind it primed for liquidation

Popular Gold Coast craft brewery Black Hops has had an 11th-hour reprieve, with an unexpected group of investors swooping in to buy the business. Find out who

Popular Gold Coast craft brewery Black Hops has had an 11th-hour reprieve, with a consortium of investors swooping in to buy it.

Black Hops Brewing was placed into voluntary administration in March after directors realised it could not satisfy its debts.

Administrators found it owed more than $7.3m and had likely been insolvent since 2022.

Administrator Tim Heenan, of Deloitte, said a deal had been signed with a newly-formed company, Black Hops Craft, to buy the flailing business.

Black Hops Brewery will be taken over by a group of its own investors.

Mr Heenan said “a number of the existing shareholders” would be part of the reincarnation of the beer operation.

“This provides certainty for the future of the Black Hops brand,” he said in a statement.

“Over coming weeks, and in conjunction with the purchaser, we will manage the transition of the business to the new owners.”

A meeting scheduled for Wednesday, where creditors were set to vote on whether to tip Black Hops into liquidation, has been adjourned.

Mr Heenan declined to name the shareholders in the new venture, however company records show Black Hops Craft is directed by Nick Harwood, an existing shareholder in the flailing Black Hops company.

Shares in Black Hops Craft are held by another new company, Black Hops Holdings, also solely directed by Mr Harwood – who was a partner in Deloitte until 2015.

Black Hops Brewery had taprooms and a restaurant.

In the statement from Deloitte, Black Hops Craft spokesman Darren Hill said investors in the new company were “passionate supporters of craft beer and independent breweries”.

“Most importantly, we believe in the team and the quality of the product, that’s why we’re taking on the Black Hops brand” he said.

“Independent breweries are an important part of the beer landscape and we genuinely feel Black Hops is a jewel in the crown of the craft beer industry.

“We’re thrilled to stay independent, start a new chapter for Black Hops and look forward to the future.”

Mr Hill, a behavioural scientist, and his wife Alison are also shareholders of the existing Black Hops company, alongside scores of other locals.

Black Hops was founded by mates Dan Norris, Eddie Oldfield and brewer Michael “Govs” McGovern in 2015 after an unexpectedly successful experiment with Eggnog Stout.

Mr Norris has since left the company, which bought out his shares.

Originally published as Investors buy Black Hops Brewing in last-minute reprieve as company behind it primed for liquidation