Archive record · Brewery
Black Sheep Brewery
Masham, North Yorkshire, England, United Kingdom
- Founded
- 1992
- Archive ID
- TB-EFX1WWVC
- Last checked
- 2026-09-17
Who owns this brewery?
The direct owner is recorded. No company is held above it.
- Black Sheep BreweryThis brewery
- Keystone Brewing GroupHolding Company
From the record
Summary
Established by Paul Theakston in 1991 (a plc from 1992) on the former Lightfoot's brewery site in Masham. He had left Theakston in 1988 after Scottish & Newcastle took over Matthew Brown, which had bought Theakston in 1984; the family's Matthew Brown deal was one he arranged, not one he fled. Entered administration in May 2023 and was bought by Breal Group, later trading as Keystone Brewing Group. Keystone filed notice of intent to appoint administrators on 1 December 2025; on 22 January 2026 Great British Drinks Company, backed by the family behind Paramount Retail Group, completed a GBP 6.5m rescue of the group's breweries including Black Sheep. Corrected 2026-09-17 on a reader's tip.
A summary written during research. The sourced facts are in the sections below.
Tally’s Take
Founded by a Theakston who had arranged his own family brewery's sale to Matthew Brown, then left when Scottish and Newcastle swallowed the buyer. Black Sheep was taken over in turn: into administration in 2023, out of it under the investor-backed Keystone Brewing Group, and in January 2026 out of Keystone's own administration into Great British Drinks Company. Three owners in three years for a brewery built to escape exactly that.
Ownership & corporate history
- Acquired by Breal GroupMay 2023 – January 2026
What the sources say
Bought out of administration (administrators Teneo, notice filed May 2023) by Breal Group, which later traded as Keystone Brewing Group (Morning Advertiser, 2023-05-30). Ended when Keystone's business and assets were sold in January 2026. Source: https://www.morningadvertiser.co.uk/Article/2023/05/30/Black-Sheep-Brewery-acquired-by-Breal-Group/
- Acquired by Great British Drinks CompanyJanuary 2026
What the sources say
Keystone Brewing Group filed notice of intent to appoint administrators on 2025-12-01; on 2026-01-22 Great British Drinks Company, backed by the family entrepreneurs behind Paramount Retail Group, completed a GBP 6.5m rescue of the group (around GBP 4.5m for Black Sheep, GBP 2m earmarked for investment) covering Black Sheep, Purity, Brew By Numbers, Brick, North, Magic Rock, Fourpure and Saltaire brands (Morning Advertiser, 2026-01-22). Correction prompted by Laura Hadland, 2026-09-17. Source: https://www.morningadvertiser.co.uk/Article/2026/01/22/great-british-drinks-company-completes-65m-rescue-of-black-sheep-brewery/
Ownership history is kept as dated events, so a change of owner never overwrites the one before it.
The Museum
Timeline
- 1992Founded
Black Sheep Brewery begins brewing in Masham, North Yorkshire.
- 2023Administration
Went into administration in 2023 and was bought by Breal Group (now Keystone).
- 2026-01Sold out of administration again
Keystone Brewing Group, which had filed notice of intent to appoint administrators on 1 December 2025, sold its breweries including Black Sheep to Great British Drinks Company on 22 January 2026 in a GBP 6.5m pre-pack rescue.
The People
Behind the beer
Left the family brewery after its takeover and founded Black Sheep in the same town, 1992.
The Beer Library
Beers
Riggwelter
Year-RoundStrong Ale
Paul Theakston founded Black Sheep in 1992 after his family's brewery was sold out from under them. Riggwelter is Yorkshire dialect for a sheep stuck on its back — the joke is aimed squarely at the family firm.
Drank this? Add it to your passport →Black Sheep Pale Ale
RetiredPale Ale
(Active / historical current-status check)
Drank this? Add it to your passport →Follow the money
How it changed hands
1 recorded move- 1992Founded
- 2023Administration
Went into administration in 2023 and was bought by Breal Group (now Keystone).
Today the chain tops out at Keystone Brewing Group.
Show your working
Sources
- controlConfirmed
Black Sheep Brewery is controlled by Founder / family.
Saltaire Brewery acquires Keystone Brewing Group portfolio · Paramount Retail Group · 2026-01
CommercialMedium reliabilitySource accessed 2026-08-05Claim last checked 2026-08-05
Only the claims above are sourced. Everything else on this page is the archive's own research and has not yet been tied to a document — which is worth knowing rather than hiding.
Straight answers
Common questions about Black Sheep Brewery
- Who owns Black Sheep Brewery?
- Black Sheep Brewery is owned by Keystone Brewing Group. Black Sheep Brewery is based in Masham, North Yorkshire, United Kingdom.
- Is Black Sheep Brewery still independent?
- No. Black Sheep Brewery is owned by Keystone Brewing Group and is no longer independent.
- When was Black Sheep Brewery acquired?
- 2023. Went into administration in 2023 and was bought by Breal Group (now Keystone).
- When was Black Sheep Brewery founded?
- Black Sheep Brewery was founded in 1992 in Masham, North Yorkshire, United Kingdom.
Drinking Black Sheep Brewery? Stamp it in your passport.
Discover it here — collect it in the Passport. Track every beer, earn stamps, and build your own beer passport.
Every brewery deserves its full story told.
If you're the owner or team behind Black Sheep Brewery, we'll build out your complete profile — history, the people, every beer — and feature you in a Tally's documentary. No cost, just your story.
No payment affects this record — editorial policy