Kaddy Group has announced it has gone into voluntary administration, within the week that BoozeBud did the same.
Kaddy first made a splash in the Australian drinks market in 2019, when it was founded by Rich Coombes and Mike Abbott to provide a new way for drinks businesses to order, pay and trade. The platform went national in 2021, and in the same year was acquired by Wine Depot‘s company, Digital Wine Ventures, which moved the wider business to the Kaddy name in 2022 and began focusing solely on B2B trade.
Since February, Kaddy Group has been in a trading halt, requesting extensions for a voluntary suspension pending an announcement “in relation to capital raising,” according to ASX documents.
Now, Kaddy Group has appointed Rajiv Goyal, Chris Johnson and Joseph Hayes of Wexted Advisors as the administrators, who are currently “undertaking an urgent assessment of the Kaddy Group and will be looking to sell the business as a going concern or capitalisation via a Deed of Company Arrangement.”
In an ASX announcement, the administrators noted they intend to work with management, employees, suppliers and customers to stabilise operations and seek the best outcome for the business.
The wider Kaddy Group includes both the fulfilment division and a marketplace division, with Kaddy confirming via social media: “Kaddy Marketplace is continuing to operate and process orders. We thank our customers and suppliers for their ongoing support.”
A first statutory meeting of creditors is expected to take place next Tuesday 16 May, with further information to come soon.