The Keystone Collapse: What It Means For Your Pint

One brewery group went bust. Black Sheep could close. Your pint’s future is on the line.

Here’s the short version.. one of the biggest brewery groups you’ve probably never heard of just went bust, and it’s taking some names you definitely know with it.

On November 28th, Keystone Brewing Group filed a Notice of Intention to Appoint Administrators. In plain English? They’re skint, and the vultures are circling to pick apart what’s left.

If you’ve ever ordered a Fourpure, Magic Rock, or Black Sheep.. this matters. Let me break down what’s actually happening, who’s affected, and what it means for your next trip to the pub.

What Went Wrong?

Keystone had a simple plan: buy struggling breweries on the cheap, shut their sites, and brew everything centrally to save money. On paper? Clever. In practice? A disaster.

Over the past 18 months, they hoovered up brewery after brewery.. closing the physical sites and moving all production to one central hub at Black Sheep in Masham, Yorkshire. They were chasing £100 million in sales by 2028.

They didn’t get close. Rising costs, mountains of debt, and sales targets that belonged in fantasy land brought the whole thing crashing down.

Who’s Actually Affected?

This is where it gets complicated. Some of these “breweries” don’t actually exist anymore.. they’re just brand names being brewed under contract. Others are real sites with real people whose jobs are on the line.

The Real Breweries (Jobs At Risk)

Black Sheep (Masham, Yorkshire) — CRITICAL

This is ground zero. When Keystone bought all those breweries and closed them, they moved production here. Black Sheep is now brewing Fourpure, Magic Rock, and everything else under the Keystone umbrella. If this site closes, the entire group’s beer production stops dead.

Purity Brewing (Great Alne, Warwickshire) — CRITICAL

A separate legal notice was filed specifically for “PBC Brewing”.. that’s Purity’s holding company. This tells us they’re being treated as a distinct asset. Good news? They’ve got a strong regional following and a modern site. They’ll likely find a buyer. Bad news? Nothing’s guaranteed until the ink’s dry.

The Zombie Brands (Site Already Gone)

These breweries don’t exist as physical places anymore. They’re just logos and recipes.. intellectual property waiting to be auctioned off.

The Complicated Ones

North Brewing Co (Leeds)

Here’s a twist. In February 2025, Keystone bought the North brand.. but not the actual brewery. The Springwell site stayed with Kirkstall Brewery (under “Vertical Drinks”). So the brewery itself is safe. The brand? That’s part of the Keystone wreckage and will be sold off. Whoever buys it might keep brewing at Springwell.. or might not.

Hofmeister

Good news for lager fans.. Hofmeister isn’t owned by Keystone. They just had a distribution deal where Keystone handled their UK logistics. The company is fine. But their route to market just evaporated, so they’ll need to scramble for a new logistics partner sharpish.

What Does This Mean For You?

If you’re a fan of any of these beers, here’s the reality:

• Black Sheep drinkers: The most at risk. This is a real brewery that could close.
• Purity fans: Probably safe. They’re a strong regional brand with good assets.. someone will buy them.
• Fourpure/Magic Rock loyalists: These haven’t been “real” breweries for months anyway. The brands will likely get bought by another brewing group or a supermarket contract operation.

What Happens Next?

FRP Advisory doesn’t hang about. Here’s the likely timeline:

Days 1-7: They’ll try to sell Black Sheep and Purity as “going concerns”.. meaning keeping the sites running, staff employed, beer flowing. This is the best outcome for everyone.

Weeks 2-4: If no buyers bite on the whole operation, expect a brand auction. Fourpure, Magic Rock, and North will go to whoever’s willing to pay.. probably larger brewing groups looking to add recognisable names to their portfolio.

Watch for: A statement from Hofmeister about their new distribution plans. They’re not in trouble, but they need to tell their customers how beer’s getting to pubs.

The Bigger Picture

This isn’t just one company’s failure.. it’s a warning sign for the whole industry. The “buy everything, centralise production, chase massive growth” playbook doesn’t work when costs are rising and people are drinking less.

Craft beer spent a decade growing on the back of local authenticity.. then private equity showed up trying to turn it into a volume game. Keystone is what happens when those two worlds collide.

For now, raise a glass to the staff at Black Sheep and Purity who are facing an anxious few weeks. And maybe buy a pint of their beer while you still can.

The author is currently clearing fridge space for a Purity emergency haul. If you see him in Tesco with a four-pack of Carling, you know the worst has happened.