United Kingdom: The Bristol-based Smiles Brewery, which employs 25 people, has gone into administration, officials said. It was bought out by a consortium in March 2003 for just over Ј1m in cash, after years of running at a loss, BBC posed on November 30.
Administrators David Rubin & Partners said this was a "rescue and recovery" project, and that it was "business as usual" at the plant. A Smiles employee told BBC News: "We are still trading and we are still taking the calls." Asher Miller, from David Rubin & Partners, added: "This is not a liquidation. The process is designed to rescue the business and give it protection from its creditors while it recovers."
He said the company had debts in excess of its assets of around Ј300,000 to Ј400,000 and that he was confident the business would attract external investment, or be sold as a going concern. "The brand will be preserved," he added.
01 December, 2004
