Brisbane's Easy Times appoints voluntary administrator

Brisbane’s Easy Times Brewery has announced it has appointed a voluntary administrator to assist the business to restructure.

In a statement issued to Brews News, the company said it is “a necessary, but largely strategic process that should not be mistaken for insolvency”.

“The intent is absolutely to find a way to restructure and refinance and through the VA process ideally seek to pay all trade creditors wherever possible and continue trading moving forward,” the statement said.

“This is best achieved by industry support which we hope we have at least earned in some part.

“The brew pub and brewery itself remain a viable business model and several of the industry peers you all know well are back on the tools, hands-on to help right the ship.”

Voluntary administration is a process under Corporations Law to provide for a business experiencing trading difficulties to be administered in a way that maximises the chances to continue in existence, or result in a better outcome for a company’s creditors than would result from an immediate winding up.

Under the process, Easy Times is continuing to trade the statement said, with several key events scheduled to be held at the adjacent Gabba Cricket Ground, which are significant revenue drivers for the business.

The venue opened in early 2020, before the brewery was finished, following a number of planning and construction delays. Once the brewery became operational with former Black Hops brewer Curran McCarthy brewing, it gained a solid reputation for its beers.

Two of the founders departed the business shortly after opening, with a number of brewing industry stalwarts with interests in the business becoming more involved. Liquor Licencing consultant Russell Steele has been actively involved in restoring the business, and Brews News understands is also a significant creditor of the business.

“We look forward to ongoing industry and craft beer community support as we restructure and trade out of a difficult couple of years,” the brewery statement said.

“Come in for a cold beer at Easy Times, our staff are still pouring and ready to welcome you and your mates 5 days a week.”

Notice of Voluntary Administration

Easy Times Brewing Co has appointed David Stimpson and Adam Kersey of SV Partners as voluntary administrators with effect from 26 September 2022.

The Administrators are currently continuing all of the business operations of the brewery in the normal course of business which includes the employment of all staff and contractors and the ongoing trading of the hotel.

Like all hospitality businesses a Brew Pub carries high overheads and was susceptible to trading restraints during the COVID-19 pandemic.

As we have just been appointed, we are still in the initial stages of gathering the company’s books and records to commence our assessment of the reasons for failure, however on preliminary review our intention is to undertake a process to restructure and allow for a Deed of Company Arrangement to be proposed to creditors to bring the Company out of Administration.

The SV Partners team are focused on continuing to trade the business during the Voluntary Administration and we are working on achieving a positive outcome for the business and trade creditors.

Under the Voluntary Administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days, when creditors of the business will vote on the company’s future.

An initial meeting of creditors of the Company will be convened on 7 October 2022 which will provide creditors with an opportunity to receive an initial update with respect to the administration.

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