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The brewery group behind brands such as Black Sheep and Fourpure is to be rescued from the brink of collapse by Saltaire Brewery, a Yorkshire-based rival.
Sky News has learnt that the future of Keystone Brewing Group, which has filed a series of notices of its intention to appoint administrators in recent weeks, is close to being salvaged in a deal which could take place as early as Thursday.
Saltaire is understood to have proposed a deal which would maintain Keystone's workforce, which is thought to number between 150 and 200 people.
The transaction is expected to take place through a pre-pack administration, under which insolvency practitioners line up a buyer to acquire a company's assets as soon as it is placed into administration.
Sky News revealed in January that Keystone, which has sales and distribution agreements with brands such as Magic Rock and Hofmeister, was close to collapse as it grappled with a toxic cocktail of surging costs and waning consumer confidence.
Some of the beers in Keystone stable are among the best-known in Britain, with Black Sheep having been founded in 1992 by a member of the Theakston brewing family.
Black Sheep previously fell into administration in 2023, before being rescued by its current owner, Breal - which itself had rescued a number of smaller brewers from collapse in recent years.
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Keystone is run by industry veteran Steve Cox, who joined the company last year with a brief to hit a £100m annual sales target by 2028.
Saltaire is owned by Paramount Retail Group, a conglomerate with interests spanning petfood, confectionery, DIY and home interiors.
FRP Advisory, the professional services firm, is handling the preparations for insolvency.
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A spokesman for FRP declined to comment, while Saltaire's owner, Paramount, has been contacted for comment.
