Private equity company Breal Group has completed the purchase of a second brewery following its rescue of Black Sheep earlier this month. 

Breal has bought the assets of the troubled Brick brewery, in Peckham, South London out of administration. The new company is Brick B, but it will trade as Brick brewery.

Breal said it had “secured the business for the long-term, and this has saved the jobs and futures of the people that work there and ensured that the unique flavours of Brick brewery beers are not lost or forgotten”.

It also said that the two founders of the company, husband and wife Ian and Sally Stewart, would remain at the brewery and “will continue to ensure that the company’s strong ethos and values are preserved, in both the flavours of Brick products, and as importantly, our community spirit”.

Ian Stewart said: “We are extremely fortunate to have found a partner in Breal that has not only saved us from certain closure, but also allows us to continue our journey as one of South-East London’s favourite independent craft breweries.

“We were a family before and we’re a family still. We are passionate about our products and we will continue to never compromise on quality and innovation to continue to be the trusted brand you know and love. We celebrate our 10th anniversary this year, one that which seemed impossible only a short time ago. For the first time in a while, we look toward the future with optimism.

“It’s common knowledge in the brewing market that, in the last 12 months, 45 breweries entered insolvency in the UK, a three-fold increase on the previous year. It will be no surprise to anyone that the cost-of-living crisis has squeezed household disposable income.

“Small breweries are not immune from the effects of families being forced to tighten their belts, far from it, but for us at Brick, our property costs have more than doubled in the last six years, these are quite incredible conditions to overcome.

“The Ukrainian conflict leading to increased energy prices, hot on the heels of Covid, further exacerbated an already perfect storm within the hospitality sector and may not recover to pre-Covid levels for decades. I’m sorry to say that, unless the market improves significantly or further support is made available, many more pubs and breweries will fail.

“With our new partners and loyal, generous customers’ continued support, we are certain to have a positive future ahead of us. I would like to assure you that the beers that you all love will continue to be brewed with the same level of passion from our fantastic team at Brick brewery.”