Story time followed by drink (4)
I believe the answer is:
tale
'story' is the definition.
(I know that story can be written as tale)
'time followed by drink' is the wordplay.
'time' becomes 't' (abbreviation).
'followed by' says to put letters next to each other.
'drink' becomes 'ale' (type of beer).
't'+'ale'='TALE'
(Other definitions for tale that I've seen before include "Shakespeare play: 'The Winter's . . . .'" , "Report" , "See 12" , "Yarn or story" , "Anecdotal narrative" .)