Grand Ridge Brewery files for Voluntary Administration
Sydney, 8 April, 2024 - After 35 years in craft brewing, Victorian-based Grand Ridge Brewery has made the decision to file for voluntary administration, appointing Richard Lawrence, and Mitchell Ball from Mackay Goodwin as administrators. The decision to appoint administrators was as a result of financial pressures dating from the pandemic, along with rapidly rising costs and increasing taxes. It has become imperative to restructure the business via voluntary administration. For the foreseeable future, it will be business as usual, brewing and selling beer and cider. The taphouse and restaurant will remain open. The company also hopes to retain as many staff as possible. Founder and owner Eric Walters had the following to say: “This decision was the most difficult in 35 years of operation. We believe there is no alternative than to file for voluntary administration. Ultimately, we hope to remain operational. He continued: “It has been an amazing journey, helping build the craft beer revolution in Australia and seeing it flourish into what it is today, and adding to the quality choices for Aussie beer Consumers. I am very proud to have been part of this. “I want to thank my incredible team who have worked tirelessly to make all the beers great and who have helped promote the brand throughout Australia, driving regional tourism and jobs for locals, and across the world more recently as we embarked on a major branding exercise,” he said. He also said: “Thank you to all our loyal customers, suppliers and supporters, whose positive comments and feedback along the way have been fantastic.” “Our industry, along with many others, is currently finding business very challenging. We foresee a positive future in a restructured business and are eager to reset and move forward,” said Walters. Grand Ridge Brewery is fully committed to maintaining a high level of service and clear communication with all stakeholders during the restructuring process and onwards.##ends##
Key Facts:* Victorian based Grant Ridge Brewery files for voluntary adminsitration.
* It appoints Richard Lawrence, and Mitchell Ball from Mackay Goodwin as administrators. About us:About Grant Ridge Brewery: Grand Ridge Brewery is one of Australia’s first and most recognised craft breweries. A 100% Australian, family-owned company, the brewery is housed in an old butter factory in Mirboo North, a country town in the stunning Victorian Strzelecki Ranges. Grand Ridge use only the highest quality ingredients (spring water, high quality hops, malt and yeast) to produce beers of exceptional flavour and purity.
About Mackay Goodwin: Founded by CEO Domenic Calabretta, Mackay Goodwin is one of Australia’s leading insolvency and restructure businesses and has carved a niche successfully working with stakeholders in distressed businesses. It has also launched its business advisory sector to assist companies of all sizes at every stage of their life cycle. The company handles everything from complex restructures and recoveries for listed companies and on behalf of various financial institutions to advising SMEs and finding the most appropriate business solution that works for all parties.
Contact details: Fiona Hamann, Principal, Hamann Communication fiona_hamann@hamanncommunication 0415 191 659
