Sydney Beer Co, an Australian brewery co-owned by former fast bowler Brett Lee and actor-writer Matt Nable, has entered voluntary administration, just months after its expansion into the United States. The brewery, which raised over $6 million to fund its U.S. growth, is now facing financial difficulties, largely attributed to the tough trading environment in the beer industry.
RSM Australia’s Richard Stone and Brett Lord have been appointed administrators of the company. A creditors meeting was held last night, and the administrators have announced that an investigation into the brewery’s financial troubles is underway. However, the process is still in its early stages.
Founded in 2016, Sydney Beer Co set out to create a premium lager that Sydneysiders could proudly call their own. Despite its initial success, the brewery has struggled to cope with rising living costs and ongoing increases in beer excise duties, which have significantly impacted beer consumption across Australia.
In addition to expanding into the U.S., Sydney Beer Co has been exporting to Malaysia and is available in over 350 venues across Australia, including independent retailers and Endeavour Group stores. The brewery’s financial difficulties are a reflection of the broader challenges facing many breweries in the current economic climate.
Beer & Brewer has reached out to RSM Australia for further comment.
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