Australian distiller Top Shelf International (TSI), the company behind Ned Australian Whisky, Grainshaker Vodka and Act of Treason agave spirit, has been placed into voluntary administration.
In an ASX announcement earlier this week, TSI said: “Rob Smith and Matthew Hutton, partners of McGrathNicol, were appointed joint and several Voluntary Administrators (Administrators) of Top Shelf International Holdings Limited and its wholly owned subsidiaries on 18 August 2025.”
The administrators have assumed control of the group while they explore restructuring options, with the ASX statement saying: “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.”
Top Shelf also told the market: “It is expected that the shares in TSI will continue to be suspended until further notice.” The administrators intend to “shortly commence a sale and recapitalisation process” and directed interested parties to contact McGrathNicol.
Top Shelf’s shares have been suspended from trade since late September 2024 amid liquidity pressures and overdue financial reporting. In December 2024, the company engaged EY’s Melbourne M&A team to run a sale process for some or all of the business, with multiple non-binding offers reportedly received.
Through the first half of 2025, Top Shelf pursued a balance-sheet reset, including selling its Campbellfield manufacturing facility to Idyll Wine Co for $8m and undertaking capital initiatives.
In May TSI announced CEO Trent Fraser would be stepping down as the business restructured after clearing its ATO debt.
McGrathNicol has established a creditor information page and will continue to trade TSI on a business as usual basis.