Wayward Brewing Co and Local Drinks Collective (LDC), the distribution company co-owned with Batch Brewing Co, have emerged from voluntary administration following a financial restructure of both businesses.
Peter Philip, sole Director of both companies, appointed DBA Reconstruction & Advisory as administrator on 2 January. At the time, Philip told The Shout that this decision was driven by financial losses suffered during a difficult period for the broader independent beer industry.
Throughout the administration period, Wayward and LDC continued to operate as usual.
“Beer production, sales and distribution and taproom operations have not missed a beat since we entered administration,” Philip said.
Wayward worked with the administrator to complete a Deed of Company Arrangement (DOCA) proposal that outlines financial restructures to ensure a stronger and more resilient business.
The proposal was accepted by the creditors, reverting control of the business back to Philip and the companies’ management.
Philip said he his optimistic about the future of Wayward and LDC and is pleased that the administration period is over.
“We are grateful that our restructuring proposal has been approved by the creditors and we thank the administrator, our business partners and our employees for their support during the restructuring process, which has been the most stressful time of Wayward’s more than 10-year history. It is a great result that nearly 40 jobs have been saved in the process.
“This has been a very challenging time, but we have been overwhelmed by the outpouring of support from our customers and business partners. Our team are more determined than ever to make the business a success by producing great independent craft beverages for our loyal customer base.
“I am looking forward to putting this difficult period behind us and I look forward to a great future for Wayward and LDC,” he said.