Singapore-based Proof & Company has entered its local distribution business into “provisional liquidation”.
A statement from the distributor and hospitality group said the move came after “a period of mounting challenges for the F&B [food and beverage] and hospitality industry in Singapore, including the closure of some of the company’s longest standing restaurant and bar customers”.
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Brands distributed by the company’s Singapore business include Widges gin, Michters whisky and Chartreuse liqueur.
Sixteen jobs are expected to be affected by the move, Proof & Company told Just Drinks.
In its release, the company said the provisional liquidators would “work closely with creditors, stakeholders, and management to evaluate potential paths forward”.
When asked how much the distribution business owed to creditors, Proof & Company said: “The appointed liquidators are currently reviewing and finalising the financials as part of the ongoing process.”
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By GlobalDataThe news comes after Proof & Company’s Australian subsidiary Sa’Pere Drinks, trading under Proof & Company Australia, went into voluntary administration in April.
When asked if any other assets were in jeopardy besides the Singapore distribution division, the group said its distribution businesses in Hong Kong and New Zealand would “continue to trade… as normal”.
Proof & Company also noted its cocktail bar in Singapore, 28 Hong Kong Street, “will continue to operate independently”.
The group also has a consultancy business called Proof Creative, based in Hong Kong, which will also continue, the company’s statement read.
Set up in 2012, Proof & Company’s distribution portfolio for New Zealand and Hong Kong include Tried & True Vodka, Scrappy’s bitters and Mancino vermouth.
In its statement, the group said it was established “during a period of regional growth in the spirits and hospitality industry and is widely regarded for its innovative approach”.
It pointed to experiencing “markedly different” conditions in the market in the last two years.
“Significant market challenges in China, an extended downturn in Australia, and a recent acceleration in bar and restaurant closures in Singapore have all impacted the company’s distribution operations,” the business said.
