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East Imperial hires liquidator
New Zealand-based mixer company East Imperial has entered liquidation and cancelled its listing on the London Stock Exchange.
In a filing on the London Stock Exchange yesterday (31 July), East Imperial confirmed that INL Investment has appointed a liquidator for the business.
It follows East Imperial’s request to suspend trading of its shares on the stock exchange in April 2024.
Since that date, East Imperial said the board had looked at several possible routes to seek repayment for creditors and retain value to shareholders.
In January this year, the company raised approximately £325,000 (US$414,700) through a share placement (1.1p per share) to help fund the establishment of East Imperial’s US base and distribution network, and to reflect the fact that sales in China were ‘growing slower than expected’.
The company stated at that time that it required additional working capital to finance operations during 2024.
East Imperial released a trading update in February to report that revenue had fallen to £2.35 million (US$3m) in 2023, described as a ‘challenging’ year for the business. In 2022, the business saw revenue reach £3.17m (US$4m), an increase of 15.5%.
Founded in New Zealand and Singapore in 2012 by Anthony Burt, East Imperial produces a range of super-premium mixers that are sold across Asia Pacific, the US, Europe, the Middle East and Asia.
The company claims to have sold more than 33 million bottles in 20-plus countries since its founding.
The range includes Old World Tonic Water, Grapefruit Tonic Water, Yuzu Tonic Water and Mombasa Ginger Beer.
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