E-Malt.com News article: USA, IL: White River Brewing Company for sale in Springfield
Springfield’s White River Brewing Company has been a major talking point for the revitalization of historic Commercial Street in north Springfield. Now, following the March 26 death of its 75-year-old founder, John "Buz" Hosfield, it's on the market, the Springfield News-Leader reported on July 10.
The news comes just days after downtown beer bar Patton Alley Pub was put on sale for $150,000.
Hosfield's children, Dave Hosfield and Carol Leandro, are asking $204,000 for the White River business, according to an announcement sent overnight Wednesday by VR Business Sales.
The real estate, recently appraised at $745,000, is also for sale through VR's sister company, Professional Real Estate LLC. Greene County records list the owner of the White River Brewing Company building as 505 WEST C ST LLC.
Hosfield founded the brewery, known for small batches of cult beers like Gravel Bar IPA and Table Rock Red, in 2012. It marked an early point in Springfield's 21st-century craft-brewery boom. Mother's Brewing had just begun the year before, and since then, more breweries have popped up in the downtown, Rountree and Galloway neighborhoods.
"Being able to disclose that this business is for sale is unusual for us," said Bret McGowne with VR Business Sales in an email to the News-Leader, "but, like Patton Alley Pub, the employees already know the business is for sale."
White River Brewing's revenues were $338,627 in 2018, according to a "non-confidential" business review distributed by VR, and White River employed two full-time brewers and a part-time taproom manager that year. VR also touts White River Brewing as the "No. 1 selling craft beer for their distributor."
"The owner passed away unexpectedly, leaving the business and real estate to his two adult children," VR's review stated. "The children do not live in Missouri and have never worked in any brewing business. They wish to transition the business to someone that will continue their father’s vision and legacy."
Meanwhile, "The head brewer has agreed to stay with the brewery until it sells. After the brewery sells, the head brewer would be available to the new owner as an independent consultant."
12 July, 2019