Buyer found for liquidated Epic Brewing Company

Epic Brewing Company, which was put into liquidation in July, has now found a buyer.

Craft beer brewer Epic has found a new buyer a month after it was put into liquidation.

Epic Brewing Company’s owners called in insolvency specialists on July 25 after experiencing financial difficulties due to poor economic conditions caused by Covid-19 and increased costs.

Today, a partnership of family-owned businesses confirmed it had bought Epic.

Russell Group, which provides services and products across all sectors of the construction industry, and Hancocks Group, an importer and distributor of wine and beer, are the new owners.

Hancocks Wine, Spirit and Beer Merchants was listed as a known creditor of Epic Brewing in the first liquidators’ report, released earlier this month by Waterstone Insolvency.

The terms of the deal are commercially confidential.

However, it will mean Epic beer remains on tap and enables its Onehunga taproom to continue operating.

Russell Group managing director Brett Russell said the new ownership was working with Epic founders Luke and Wendy Nicholas.

“As two family-owned businesses, we understand the pressures at a low point in the cycle, and didn’t want this iconic, almost two-decade ‘game changer’ brand, developed by a family-owned business, to disappear,” Russell said.

“We’ve bought it to strengthen what is already a great brand into the future.”

Jedda Jakicevich, a director of Hancocks, said the acquisition ensured that Epic would keep trading with minimal lost momentum from its liquidation.

“Our families understand how integral Epic’s contribution has been to pioneering the craft resurgence in New Zealand while also showcasing New Zealand hops and ingenuity to a global market. We are thrilled to represent Epic Beer to the New Zealand trade,” he said.

“It’s early days for us, but we’re excited about this opportunity.”

The liquidators’ report revealed trade creditors were owed $514,000.

Employees were also owed $63,000 in unpaid wages and holiday pay. The company had a bank balance of $17,000.

Epic also received $200,000-plus in government support to pay staff during Covid lockdowns.

A long list of creditors included government entities, as well as businesses involved in alcohol sales, distribution, packaging and manufacturing.

New Zealand Customs, OfficeMax, Pak’nSave Palmerston North, AJ Park, ANZ Bank, Cryer Malt, Liquorland, Service Foods, Owens Transport, RealBeer and New Zealand Couriers were among the many named.

Epic was founded in 2007 and has 15 employees, according to its website.

Cameron Smith is an Auckland-based journalist with the Herald business team. He joined the Herald in 2015 and has covered business and sports.