The award-winning Leeds-based operator and brewer attributed the move to the “turbulence” caused by Covid, Brexit, cost increases across the board and interest rates rises.
North Brewing co-founder Christian Townsley said: “We’re currently working with advisors and have recently commenced a process to seek additional investment into our business which will secure the security of our staff and the business as well as push forward with plans for 2024 and beyond.
Looking for investment
“Like the rest of the hospitality and brewing world, over the last 4 years we’ve endured the turbulence of Covid, Brexit, material cost increases, cost of living crisis and interest rate rises. As a result, we’ve been looking for investment.”
Townsley added the firms 'North Bar' venues would be “unaffected” by the NOI and that more news on the matter would be shared “in the coming days”.
North Brewing was founded by Townsley and John Gyngell in 2015, following the success of the duos first North Bar in New Briggate, which opened in 1997.
Six years later, the group opened Springwell – a 21,000sq ft former Victorian tannery, which it converted into a modern brewery and taproom during the pandemic.
The brewing capacity at Springwell enabled North to expand its range and it went on to launch gluten-free and alcohol-free beers, brewed international collaborations and developed a cask range.
In October last year, the business, which is known for its Springwell Pilsner and variety of ales, opened its first international bar in Treviso, Italy, after securing £375,000 in funding to finance international growth with Bibby Financial Services (BFS).