Tribe Breweries has become the latest brewing company to enter voluntary administration. The company operates one of the country's largest production breweries, a $35m facility in Goulburn, New South Wales, and produces both its own brands, including Mornington Peninsula Brewery beers (acquired in August 2018), Stockade Brew Co, and Wilde gluten free beers, as well as a wide range of beverages under contract, including Pabst Blue Ribbon.
According to a filing with ASIC dated today (February 28, 2023), Sydney-based FTI Consulting have been appointed jointly and severally as administrators of the company. According to a media statement: "At this time, Tribe does not anticipate any impact on day-to-day production operations as a result of the administration process."
The administrators, Christopher Hill and Joseph Hansell of FTI Consulting, assume responsibility for the day to day running of the companies and will work with management and key stakeholders to determine options for a restructure of the companies.
In the statement, Mr Hill says: "We will conduct an independent assessment of the financial position of Tribe and seek to make a recommendation for the future of Tribe that is in the best interest of the creditors and stakeholders."
Tribe CEO Amarto Basu said: “This has been a difficult decision, but one that we hope will help put Tribe onto a sustainable footing for the future.
“Our priority is to our team, our customers and suppliers and to provide them with maximum support through this period.
“We have made great achievements since our inception in 2018. Tribe is home to the largest number of independent craft beers brewed in Australia.
“The Board has taken the view that the company’s financial structure and debts cannot support the business at a time of challenging trading conditions.
“After exploring a range of options, the directors believe this step will provide the best opportunity to protect the future of the business and the interests of employees and stakeholders.”
In June last year, the AFR reported that Tribe Breweries, which was formed from the Brewpack business created by the Szpitalak family, had been put on the market.
Late last month, Brisbane-based Ballistic Beer Co went into voluntary administration. Following a period under external administration, they are set to announce their plans for the future early in March. In September 2022, another Brisbane-based brewing company, Easy Times Brewing Co, entered voluntary administration. They began operating under new directors in November.
A first statutory meeting of Tribe's creditors is expected to take place on 9 March 2023.