Major Tasmanian cooperage, MasterCask, has entered voluntary administration as it seeks ‘a resolution to unresolvable internal shareholder issues.’
Yesterday (6 June), Cam Brett, President of the Tasmanian Whisky and Spirits Association, shared the following message with members of industry group, Australian Distillers.
“I have received advice today from the largest secured creditor of MasterCask, which includes the Tasmanian based cooperage Tasmanian Cask Co and the South Australian operation Australian Coopers (was SA Cooperage), that MasterCask businesses have been placed in voluntary administration.”
Brett also shared details of the responsible administrators.
“Philip Newman of PCI Partners has been appointed Administrator and has taken control of these businesses.
“It is hoped that a resolution can be found quickly which may enable these businesses to continue into the future,” Brett concluded.
MasterCask is a significant producer of oak barrels for the spirits, beer and wine trade, as well as an importer of casks from around the world. The business also offers shave, rechar and other barrel conditioning or repair services for existing casks.
Any producers with concerns about the status of barrel stock orders or accounts are encouraged to contact Philip Newman of PCI Partners at pnewman@pcipartners.com.au / 0407 801 876.
Phillip Newman was approached for comment but has not responded at the time of writing.