Top Shelf International has appointed administrators as the Australian distiller looks for a possible buyer.
The publicly listed business has named McGrathNicol partners Rob Smith and Matthew Hutton as joint administrators.
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In a statement, Top Shelf said control of the business “now rests with the administrators”. The Ned whisky maker said the administrators “intend to continue to trade on a business as usual basis while options for a going concern sale or recapitalisation are explored”.
The news follows shareholder approval last week for a convertible note issue tied to a planned A$10m ($6.5m) capital raise, part of a July restructuring plan that also included a co-packing deal with Idyll Wine.
In May, Idyll Wine completed the purchase of Top Shelf’s Campbellfield production facility for A$8m.
Shortly after the disposal, it was announced that CEO Trent Fraser would step down by the end of the year.
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By GlobalDataThe July restructuring update also highlighted a sales, distribution and marketing partnership with Amber Bev, aiming for a transition to third-party sales by August.
Top Shelf also owns the Grainshaker vodka brands. Its shares have been suspended from trading since September due to the failure to file audited financial results for FY24.
“It is expected that the shares in Top Shelf will continue to be suspended until further notice,” the group said, adding “the administrators intend to shortly commence a sale and recapitalisation process” for the company.
In February, Top Shelf reported an underlying EBITDA loss of A$2m for its 2025 fiscal second quarter, a period that ended on 31 December.
The A$10m capital raise was intended to fund the next steps of the business restructure and aimed for a relisting on the ASX by delivering its FY24 annual report by 30 September.
