POPULAR QLD BALLISTIC BEER COMPANY ENTERS ADMINISTRATION
Beer lovers have reacted with shock after Brisbane’s popular Ballistic Beer Company announced it had entered administration.
The firm, which is one of Queensland’s best-known independent brewing companies, has appointed Jason Stone and Paul Allen from PKF Melbourne as administrators, according to a filing with ASIC dated January 24.
Co-founder David Kitchen told industry publication The Crafty Pint the company hoped to remain trading after a massive restructure, adding directors and shareholders were working with “an experienced industry group to put together an investment and restructuring plan”.
“The present intention is to continue trading,” Mr Kitchen confirmed.
“Ballistic Beer is still available online, in venues and at great retailers nearest you.”
He also told fellow brewing industry publication BrewsNews he was expecting a positive outcome.
“The aim of that VA [voluntary administration] is just to reorganise and restore the balance sheet,” he said.
“And we expect to be out of it in five weeks’ time, and onwards and upwards.
“What we expect is in five weeks’ time, the company will be in a much better shape and, in the meantime, Ballistic will continue trading and our product is still available in venues and in bottle shops, national chains, and for wholesale. So that doesn’t change.”
However, he confirmed staff were facing an uncertain future.
“We have to now go through this process of the reorganisation and that will determine ultimately where we finish up. So, it’s a process now that really the administrator is spending a lot of time with our GM and coming up with a plan that he believes is a viable option for us to proceed and that he can recommend to close out the VA,” he told the publication.
However, there’s good reason for Mr Kitchen to feel hopeful, with another Brisbane brewery, Easy Times, bouncing back from administration just last month.
According to Ballistic Brewing Company’s website, the Brisbane company was launched in 2017 by “two mates who played rugby together 20+ years ago in Hong Kong”.
Since then, Ballistic has grown to be an independent, multi-award-winning brewery, opening its first tap room to the public at the flagship Salisbury Brewery in April 2017 and going on to add another four venues, in Brisbane’s West End, Springfield, Bundaberg and Airlie Beach.
The website says the brand is famed for its “approachable, innovative and well-balanced beers” and that the company has won nearly 100 gold, silver and bronze medals at various national and international competitions.
Source: https://www.news.com.au/finance/business/retail/ballistic-beer-company-enters-administration-with-massive-restructure-underway/news-story/2cc09277ca727d61a9e5c614f913789e
