The article below is from a blog post on the Indie Alehouse website:
Last week we were informed that the supplier of our new 30BBL expansion brewery from NSI (via parent co. DME) was not going to be coming to us in December/Jan as had been originally planned.
We were informed that the company had gone into receivership overnight, the details of which are still not clear a week later, with different parties each pointing fingers.
The short version is we are out nearly 800K in payments for our new system that will now likely never come, and because there is a large bank in position before the small business customers, any money recovered from the sale of the business will go to the bank. That’s a tremendous setback for us and our expansion and hiring plans, but it won’t kill us. In part, because we have great partners in the BDC (our lending bank), other suppliers, Indie staff, the local Craft Brewing community and the local west Toronto and Junction neighbourhood we call home.
Within an hour of the news breaking several local breweries called to offer help if they could, our lender, the Business Development Bank of Canada, has been in close communication through the process so they can find ways to help, and then we got to work to find a way forward on a revised budget. In the days that have followed, we’ve been offered used equipment, loans, resources and support. A time-machine would be nice, but whatever, we are grateful.
We are hurt and still in shock from the bad news, but many others likely have it much, much worse. Some new and small breweries will lose their business and homes because of this, communities will lose their local brewery and people will be left without jobs.
We will be open, we will grow and do our thing. We have big plans for 2019 and we will figure it out. We will continue to fight the good fight and ‘live Indie’, and when the chance comes in the future we will repay those who were there for us when we needed it and find a way to do the same for others when it inevitably happens again that small independent businesses get the short end of the stick with no one there to help them. Small independent businesses are worth fighting for and we appreciate all the help and support we can get. Large companies get bailouts, Banks always get their money, but small businesses have to rely on each other and their strong local community to survive.
Our next announcement will be much more positive and outline our new expansion plans, partners and exciting news for 2019.
Indie Alehouse Team