Smuttynose Brewing Co. to be sold at auction Friday
HAMPTON, N.H. (AP) — The struggling New Hampshire microbrewery Smuttynose is being auctioned off.
The Portsmouth Herald reports the auction is scheduled to start at 2 p.m. Friday at Smuttynose Brewing Co.’s facility in Hampton. The sale includes the Smuttynose beer brand, its facility and a restaurant. Bidders must present $250,000 to register for the auction.
Smuttynose employs 68 people. The company says the brewery is capable of producing 75,000 barrels and generating more than $10 million annually. However, in the last year it has been running at 50 percent capacity.
Owner Peter Egelston says the company’s financial models were based on 20 years of consistent growth. Egelston says as the marketplace stabilizes, Smuttynose can regain its footing with a major infusion of capital.
Information from: Portsmouth Herald, http://www.seacoastonline.com