In a surprising turn of events, Black Hops Brewery announced today via social media that the company would enter voluntary administration. This decision comes amidst a significant business restructuring, following the departure of founders and owners in recent years.
The Gold Coast-based brewery, known for its unique craft beers and strong community presence, has undergone substantial changes in its leadership and ownership. Despite raising over $2 million in equity crowdfunding in 2022, the brewery appears to have faced challenges that have led to this difficult decision.
In a statement addressed to their loyal customers and supporters, Black Hops Brewery’s board expressed the gravity of their decision. “Today, the BH board have made the tough decision to place the business into Voluntary Administration (VA). Trust us when we say it hasn’t been an easy decision to make, however our circumstances have meant there was no alternative.”
Despite this setback, the brewery reassured its patrons that its core operations would continue. Black Hops beer will still be produced and available through their direct outlets and retail partners. Additionally, the taprooms will remain open, serving food alongside their signature brews. The company urged its supporters to continue backing them through this challenging period.
“We will be working towards successfully getting through to the other side of this restructure with a stronger business that ultimately keeps Black Hops serving our epic beers and keeps all our amazing staff on board,” the statement read.
The announcement leaves shareholders and supporters pondering the implications for the future of the beloved brewery. With uncertainty looming, stakeholders await further details on how the voluntary administration will affect them,
Black Hops Brewing informed investors on Wednesday evening via email to announce Deloitte had been appointed as administrator to the company after a “tough decision”.
“This decision has not been easy to make, however, the path the ATO has taken with the business has left the company in a position where there was no alternative. We will be working to put forward a Deed of Company Arrangement proposal to the Voluntary Administrators which if successful will allow Black Hops to continue operating post voluntary administration (c. 6 weeks). Further to this, Deloitte will run a sale process of Black Hops, so you may see an advert for a sale of the business.”
We form the view that a DoCA, if successful, will put the company in a better position and allow the management team to proceed with putting Black Hops into an ongoing profitable position. Further, this restructure will allow all shareholders to still be involved with the company and retain equity.”Excerpt from Letter to Investors
Black Hops Brewery concluded its statement by expressing gratitude to its supporters. “To you, our supporters and loyal patrons, we thank you from the bottom of our beer glasses.”
