One of Australia’s largest contract brewers, Tribe Brewing, has entered into voluntary administration, with the Board citing “a time of challenging trading conditions”.
As well as contract brewing, Tribe is home to a number of brands and breweries, with the Stockade Brewery and Mornington Peninsula Brewery supporting the 35-million litre capacity brewery at Goulburn in NSW.
The Administrators assume responsibility for the day to day running of the companies and Tribe said it does not anticipate any impact on day-to-day production operations as a result of the administration process.
Christopher Hill and Joseph Hansell of FTI Consulting have been appointed as Voluntary Administrators and will work with Tribe’s management and key stakeholders to determine options for a restructure of the companies.
Hill said: “We will conduct an independent assessment of the financial position of Tribe and seek to make a recommendation for the future of Tribe that is in the best interest of the creditors and stakeholders.”
Tribe CEO Amarto Basu 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.