The news comes amid a row over rising costs for hospitality businesses after the Budget.
Hospitality businesses are facing huge cost increases (Image: Getty)
A UK brewery firm has collapsed into administration. Phantom Brewing Company operated Echoes bar in Gardiner Place, Henley-on-Thames. But the company shut the venue in December and entered administration last week. Its taproom in Reading is also closing. Documents have revealed that debts totalling £ 2.289 million are owed to creditors.
David Rubin and David Birne, of insolvency firm Begbies Traynor, were appointed to manage the situation on December 23.
Phantom said on Instagram: “As many of you know, we had already been planning the next chapter for Phantom, including a relocation to a new production facility. We will now be focusing on this as a priority.
“With that in mind, we’ll be entering an extended shutdown this winter whilst we finalise this transition and prepare for a future relaunch from a new home. As we will be unable to continue production during this time, we will be closing our taproom in Reading and Echoes, as well as pausing all trade sales until further notice.”
The firm added: “The business will also undergo a period of restructuring to ensure the appropriate foundations are in place for the next phase.
“This will take us a little longer than our usual Christmas break. We’ll share updates as plans are confirmed and look forward to welcoming you back in the new year.”
Echoes opened its doors in October 2023 and was the Phantom’s first step outside of the brewery industry, The Henley Herald reported.
It comes amid a row over business rates, with MPs calling on the Government to save Britain’s pubs.
Ministers were told that struggling venues may have to close because of the cumulative impact of Labour’s economic policies, especially when business rates rise in April.
It comes after reports last week that Chancellor Rachel Reeves is finalising a support package for the industry, expected to include a reduction in business rates.
MPs concluded committee stage of the Finance (No 2) Bill on Tuesday, and supported by 344 votes to 173, majority 171 an increase in alcohol duty in line with the Retail Prices Index (RPI) from February 1.
However, the Government was warned that policies including the employer’s national insurance increase, the minimum wage hike, workers’ rights legislation and now alcohol duty, could be the death knell for many pubs.
