Wayward Brewing and Local Drinks Collective enter voluntary administration
Wayward Brewing Co. and Local Drinks Collective enter voluntary administration to facilitate financial restructuring
Wayward Brewing Company Pty Ltd (Wayward) and Local Drinks Collective Pty Ltd (LDC), have announced their decision to appoint an administrator to help facilitate a financial restructuring of the business. Wayward operates a craft brewery and taproom in Camperdown, in the inner west of Sydney. LDC is the distribution business formed in 2022 by Wayward Brewing Co and Batch Brewing Co (Batch). Batch is not involved the voluntary administration process and continues to operate as normal.
DBA Reconstruction & Advisory as Administrator is supporting the continued operation of the combined business of Wayward and LDC, so employees and customers should consider it business as usual. There will be no impact to ongoing production, distribution and taproom operations as a result of this appointment.
Peter Philip, as sole director of Wayward and LDC, has taken this step to deal with financial losses the business has accrued in the face of declining consumer demand across the craft beer market combined with significant increases in production costs. Peter and his team are working with the Administrator on a Deed of Company Arrangement (DOCA) proposal, which will provide a framework for the restructuring of the combined business. They are confident the financial restructuring will result in a stronger and more resilient business emerging from administration.
Peter said “The last few years have been an extremely challenging time across our industry and for the wider economy. However, we are confident that the restructuring will ensure the business is on firm footing and we can look ahead with confidence.”
Wayward remains committed to maintaining a high standard of service and open communication with all stakeholders during this restructuring process.