As a survey reveals that more companies are running down their savings to stay afloat, another well-known brewery has announced its closure.
“As I load the sign into the back of the van to take it to the tip, I guess this presents the most opportune moment to confirm that Manchester Brewing Company has ceased to be,” said Paul Mellor on social media.
“Financial pressures from debt incurred during lockdown, coupled with the effect of the cost of living crisis on the trade, plus the spiralling cost of pretty much eveything mean that, as a business, we can no longer function.”
The eight-barrel brewery was established in a railway arch in the Ardwick area of Manchester in 2016.
A survey by wealth manager Investec, published in The Telegaph, shows that 43% of businesses polled expect to use savings to keep going over the next six months. Four per cent expected their savings to be wiped out.
