Australian Distilling appoints administrators
Old Young’s and Gingin Gin producer Australian Distilling has entered voluntary administration.
The distillery is located in Swan Valley, near Perth in Western Australia, and trades as the three companies: Old Young’s, Juniper Society and Gingin Gin.
Representing RSM Partners and National Directors Recovery and Restructuring, Greg Dudley, Phil Davies and Jerome Mohen were appointed voluntary administrators on 9 September.
They have since taken control of the company.
Mohen said the group was “undertaking an urgent assessment of its financial position to form a view regarding its future viability, and to provide the company with the opportunity to restructure its business”.
Australian Distilling will operate ‘business as usual’ in the interim.
In the administration period, director and Old Young’s founder James Young is expected to put forward a restructuring proposal.
He said: “We are working with our advisors to formulate a restructuring proposal that will provide the best outcome for creditors and ensures shareholders retain their shares as we exit administration, including those issued via previous crowdfunding campaigns.”
Young confirmed to The Spirits Business that Old Young’s is trading as usual and that no staff have been affected yet.
“We are confident we can come up with a restructuring plan over the next few weeks that will ensure we continue to trade well into the future,” he said.
Young founded Old Young’s in 2016, which produces gin and vodka.
The distillery previously had a restaurant, Old Young’s Kitchen, which is now closed.
Despite the restaurant’s closure, it still hosts events. Mohen said this business was not under the voluntary administration, as it is operated by a separate related company – and it will continue trading as usual, with all planned events to go ahead.
In August, another Australian spirits producer, Top Shelf International (TSI), appointed administrators.
Correction: This article originally referenced Australian Distilling Co as the owner of Old Young’s, Juniper Society and Gingin Gin. It has since been updated to reflect the correct owner, Australian Distilling.
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