Two Australian drinks producers that launched projects using crowdfunding have this week gone into administration - a sign of tough times in the beverage business.
Sobah Beverages, a non-alcoholic craft beer company based on the Gold Coast, has entered voluntary administration after eight years of operations.
Australian Distilling Ltd, the parent company of Old Young’s, Juniper Society, and Gingin Gin this week also appointed voluntary administrators.
That came just under one year after the business launched a public crowdfunding campaign to support the Cathedral of Gin venue, in the Swan Valley, Western Australia.
This raised over $1.36 million from 392 investors in additional crowdfunding, adding to $2.7 million raised March 2023 raise.
The dual crashes came one month after Australian spirits business Top Shelf International also went into administration.
James Young, who founded Old Young’s in 2016, is expected to put forward a restructuring proposal.
Old Young’s Kitchen, the restaurant attached to the distillery, has closed, but the venue continues to operate as an events space.
Sobah Beverages cited the economic downturn and broader challenges in the beer industry as reasons for their decision.
Sobah was founded in 2017 by Dr Clinton Schultz and Lozen McDiarmid-Schultz, making it Australia’s first dedicated non-alcoholic beer brand.
In a media statement, Sobah said all its products are still available.
Image: Yuliia Moreva, Scop.io
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