The number of breweries going bust has tripled in the past year as drinkers opt for mass-produced, cheaper brands rather than premium craft tipples.
There were 45 insolvencies in the year to the end of March, up from 15 the year before, figures from accountant Mazars show.
Firms have been hit by rising costs and tough competition with the number of breweries now at more than 2,000, as well as drinkers put off by cost of living pressures.
Tough competition: There were 45 insolvencies in the year to the end of March, up from 15 the year before
Paul Maloney, associate director at Mazars, said: ‘Craft brewers often offer ‘premium’ beers, but consumers are turning to cheaper options.
‘Discounted brands produced by large international brewers and supermarket own brands are increasingly the choice for consumers.
‘The cost of living crisis now means many of these [craft] brewers are fighting for a place in a shrinking market. Some of them will not make it.’
Tyne Bank Brewery and Boxcar Brewery are among those that have gone into administration in the past year.
