Theakston left in 1988, and after a hiatus of more than a year purchased the North Yorkshire Malt Roasting Company, originally part of the former Lightfoot's brewery site, from an animal feed company, in order to start a new brewery in Masham.

Theakston wanted to use the Lightfoot name to bring back an old brewing tradition, but Scottish and Newcastle had already trademarked the name.

In 2008, the brewery launched Draught Golden Sheep, a blonde cask beer with a citrus-hop flavour.

This, like all Black Sheep beers and indeed the brewing plant itself was created by Paul Ambler, Head Brewer since 1992 and later Operations Director.

For the first 15 years it paid its shareholders, including many real ale enthusiasts, steadily rising dividends.

[4] On 2 May 2023 the company announced that it was to go into administration as it lacked the cashflow needed to survive increased costs since the COVID pandemic.