Proof & Company Spirits enters liquidation
Singapore-based distributor Proof & Company Spirits has gone into liquidation, citing ‘mounting challenges’ for the region’s hospitality sector.
The move was also attributed to the closure of some of the company’s longest-standing restaurants and bars.
The decision, supported by the board of directors, shareholders and lenders, relates only to the Singapore arm of Proof & Company. The group’s operations in Hong Kong and New Zealand will continue to operate.
Furthermore, 28 HongKong Street, the company’s cocktail bar in Singapore, will continue to function as normal.
Proof Creative, the firm’s consultancy arm, will also continue to operate independently from its office in Hong Kong, committed to its global portfolio.
Ng Kian Kiat and Goh Wee Teck, of RSM SG Corporate Advisory, will oversee the liquidation process.
Proof & Company was established in 2012. The company noted, however, that while back then, the spirits and hospitality industries were growing with an innovative approach, market conditions over the past two years have been ‘markedly different’.
‘Significant’ challenges in China were noted, alongside an extended downturn in Australia. Proof & Company put its Australian business into voluntary administration in April.
A ‘recent acceleration’ in bar and restaurant closures in Singapore negatively impacted the company’s distribution operations.
In January this year, UK-based Alderman’s Drinks, the company that produced Didsbury Gin, went into liquidation after owing its creditors nearly £200,000 (US$245,877).
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