Top Shelf appoints administrators
Australian spirits producer Top Shelf International (TSI) has entered voluntary administration almost a year after shares were suspended.
Rob Smith and Matthew Hutton, partners of McGrathNicol, have been appointed joint administrators of TSI.
Melbourne-based TSI produces Australian agave spirit Act of Treason, Ned whisky and Grainshaker vodka.
The administrators now have control of TSI and are looking into options for a sale or recapitalisation while the business continues to operate as normal.
In September last year, TSI voluntarily suspended trading of its shares and then explored sales opportunities in December. The company was unable to release its audited financial statements on 30 September 2024.
TSI said that shares in the company would continue to be suspended until further notice.
The business has not yet responded to a request for comment.
The move comes two months after TSI announced its plan to raise up to AU$10 million (US$6.5m) to fund the company’s ongoing restructure, which gained shareholder approval on 11 August.
It also followed the announcement in May that CEO Trent Fraser will leave the company in November this year after a six-month transition period.
Earlier this year, TSI agreed to sell its Campbellfield production facility to IDL for AU$8m (US$5.1m).
TSI operates a 430-hectare farm in the Whitsundays region of Queensland, where it grows more than 230,000 Blue Weber agave plants.
The group also signed a distribution agreement with Amber Beverage Australia this year to manage TSI’s sales and marketing.
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