North, which filed a notice of intention to appoint administrators, had struggled with escalating costs, rising interest rates and the cost of living crisis.
However Steve Holt, founder of Kirkstall Brewery has now stepped in and the company will continue to be run as an independent brewery from its Springwell site with the existing management team left in place.
Iconic beer brand
Holt and the founders of North, John Gyngell and Christian Townsley were early pioneers in growing the craft beer market in the UK, with North starting out running bars in the late 90s before moving onto brewing in 2015, opening their Springwell operation in 2021.
Kirkstall ran in parallel to North, being one of the first companies to bring in US craft beers in the early 2000s, and the first to bring Sierra Nevada to the UK in 2003.
North’s Gyngell said: “We are pleased to have found a solution for our team and the legacy of the North brand.”
Holt said: ‘We’ve been friends and industry colleagues for almost 30 years, North is an iconic beer brand that had to continue. Together we’ll make sure that North will continue to make some of the best beer in the country.”
Townsley added: “This has been an absolutely torrid time for the brewing industry which has faced the fallout from Covid, Cost of living crisis, Inflation, Brexit and Utility price increases.
“We recognise that this has been a really difficult time for the stakeholders and creditors.”
Last week Townsley told The Morning Advertiser debt repayments were like "cement shoes."
The new company will be known as Vertical Drinks Ltd T/A North.