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Nant Group and AWY cancel AU$3m deal
An acquisition deal between The Nant Group and Australian Whisky Holdings (AWY) has been terminated, with AWY set to launch its own distillery operations on Nant’s Tasmanian estate instead.
Tasmanian whisky distillery Nant opened in 2008
In October last year, AWY entered into an AU$3 million agreement with The Nant Group to buy Nant Distillery and Nant Estate property, taking ownership of all whisky production assets.
A statement on The Nant Group’s website confirms that the Business Sale Agreement (BSA) has been terminated. Instead, AWH has purchased the land on which the Nant Distillery stands, but not the distillery, the barrel bar and the brand.
It reads: “AWY advises that the conditions precedent under the BSA dated 19 January 2017 have not been fulfilled or waived by the condition precedent date, and accordingly the BSA has been terminated.
“In addition, the BSA dated 14 October 2016 has been terminated and AWY ceased to manage the Nant Distillery business on behalf of the Nant Group.
“AWY has commenced its own licensed distillery operations on the historic Nant Estate, has been licensed to use and trade under the name Nant and continues to manage the whisky barrel investment scheme operated by NAW Barrel Holdings Pty Ltd (formerly named Nant Barrel Holdings Pty Ltd).”
Founder of The Nant Group, Keith Batt filed for bankruptcy in February this year. AWY was set to take on AU$5.5 million worth of Nant debts and liabilities, after due diligence.
The Spirits Business has contacted The Nant Group for further comment.