Tribe Breweries has entered voluntary administration citing “its financial structure and debts cannot support the business at a time of challenging trading conditions”.
The company is one of Australia’s major contract brewers via their 35 million litre capacity brewery in Goulburn, NSW and it owns craft brands such as Mornington Peninsula, Stockade, Wilde and others. It has appointed Christopher Hill and Joseph Hansell of FTI Consulting as voluntary administrators. The administrators will assume responsibility for the day-to-day running of the company and will work with management and key stakeholders to determine options for a restructure of the companies.
The news comes less than a year after Tribe was put up for sale with Rothschild & Co’s bankers and follows Brisbane’s Ballistic Brewing also entering voluntary administration earlier this year.
In a statement from the administrators, Tribe CEO Amarto Basu (pictured below) 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.”
A first statutory meeting of creditors is expected to take place on 9 March 2023.