Less than one year after being put up for sale and one week after gaining shareholder approval for a planned $10 million capital raise, embattled Australian spirits producer Top Shelf International has been placed into voluntary administration following an extended period of economic hardship and debt pressure.
Announced to shareholders yesterday, the decision follows shortly behind Top Shelf’s $8 million Campbellfield production facility sale, which at the time was reportedly enough to fully repay the business’ outstanding ATO excise liability, with $4.8 million left over to be put towards other debts.
It also follows behind the recently-announced and soon-approaching departure of CEO Trent Fraser on 21 November this year.
Partners of McGrathNicol Rob Smith and Matthew Hutton have been appointed as voluntary administrators for the upcoming sale and recapitalisation process.
“Control of the TSI Group now rests with the Administrators who intend to continue to trade on a business as usual basis while options for a going concern sale or recapitalisation are explored,” Smith and Hutton told shareholders yesterday.
“The Administrators intend to shortly commence a sale and recapitalisation process for the TSI Group.”
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