Bar and beer wholesaling enterprise The Bottle Shop has called in the administrators and made all its staff redundant with immediate effect.
The Bottle Shop business began its journey in 2010 and grew by opening sites in London, Margate and Canterbury and setting up a wholesaling arm.
The Bottle Shop’s finances were severely hit following a successful £400,000 crowdfunding campaign in 2017, as a major supplier’s drop out left its wholesaling business in a 23% deficit.
‘This was a torpedo blow to our forecasts,’ explained Bottle Shop founder Andrew Morgan, ‘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.’
The Bottle Shop’s financial issues became evident in the first two months of 2019, when Morgan realised he had to find a partner or an investor: ‘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.’
‘We made a lot of people very happy since 2010,’ said Morgan, ‘and hope that whoever ends up buying the business carries on our desire to burn brightly and never settle for anything other than the best.’