Proof & Company closes Singapore distribution arm
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".
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."
The 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.
"Proof & Company closes Singapore distribution arm" was originally created and published by Just Drinks, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 hours ago
- Yahoo
PayPal Stock Crashes Nearly 10%--Even After Beating Wall Street Expectations
Shares of PayPal (NASDAQ:PYPL) dropped nearly 10% this morning todaythe sharpest slide in nearly six monthsafter the company reported a slowdown in branded checkout volume and flagged weaker U.S. retail spending tied to tariff pressures. CFO Jamie Miller pointed to a slight deceleration in consumer demand, especially for goods sourced from China. CEO Alex Chriss echoed those concerns, saying spending was softer at businesses most exposed to Asia-based supply chains. Checkout volume rose just 5% in the quarter, down from 6% in Q1, underscoring the impact of uneven macro conditions. Warning! GuruFocus has detected 4 Warning Sign with PYPL. Still, PayPal raised its full-year outlook, leaning on stronger margin performance and growth in key products like Venmo. Adjusted EPS is now projected to hit $5.15$5.30 this year, up from the prior $4.95$5.10 range. Transaction margin dollars rose 7% year-over-year to $3.84 billion, prompting an upgrade to the company's full-year profitability forecast. Net income climbed 10% to $1.37 billion, with EPS of $1.40 beating Wall Street estimates. Chriss called it another quarter of profitable growth, driven by his broader effort to unify and streamline the business. Venmo revenue jumped 20% in Q2, and total payment volume hit $443.5 billion, beating consensus estimates. PayPal is also leaning into global and in-person expansion: a new platform now supports cross-border payments via local digital wallets, and the company recently added a credit card to strengthen physical checkout. Businesses using PayPal can now accept over 100 cryptocurrencies. While near-term spending trends remain patchy, management is positioning the company to capitalize on long-term shifts in digital commerce and payment infrastructure. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Flex's CEO took the job without industry experience. One battle-tested playbook guided every move
In 2019, when Revathi Advaithi took the CEO role at Singapore-based Flex (No. 10 on the Fortune Southeast Asia 500), the company's stock was trading at just under $7, its longtime CEO had recently been ousted, and the broader contract manufacturing industry lacked financial discipline. Advaithi, who had only interacted with Flex as a supplier, wasn't stepping into familiar terrain, but she didn't overthink it. 'It was a quant problem,' she says. 'I thought I could double the stock. And if it doesn't work in two years, I'll go do something else.' That kind of grounded pragmatism has defined her leadership philosophy for decades. No matter the role, she starts with a deceptively simple framework: Define the portfolio, clarify the value to customers, and understand why they're willing to pay for it. 'Strategy doesn't need to be flashy,' she says. 'Every job I've had, I've just focused on those two things.' Her first year at Flex was spent putting that into practice. She told the board not to expect decisions until she had completed a full strategic review. Upon completion, the diagnosis was clear: The company needed to exit hyper-commoditized segments, such as smartphones and laptops, where pricing power was weak and volatility was high. Flex would instead double down on complex manufacturing for sectors like health care, industrials, and automotive—areas where execution mattered and margins could follow. But even a disciplined plan was quickly stress-tested. Two months into Advaithi's tenure, the U.S. government placed Huawei—then one of Flex's largest customers—on the Entity List, forcing a rapid response across supply chains and customer relationships. Then came the pandemic and a global logistics crunch. Through it all, Advaithi says the basic playbook didn't change. 'Get your portfolio right. Make sure you can win for customers. Execute.' That consistency extended to how Flex presented itself to investors. The company made a conscious shift away from chasing growth for its own sake and began emphasizing capital discipline, margins, and long-term resilience. Advaithi's path to Flex came after a moment of career inflection. While running North America for Eaton in 2015, she was asked to take over its global electrical business following leadership turnover. She accepted, but was open with the incoming CEO that he should feel free to choose his own team. 'If a great CEO role comes your way,' he told her, 'I won't stop you.' She turned down another offer in the industrial sector before accepting Flex—a less regulated, more fragmented industry where she saw room to impose operational order. One of her more prescient bets was the early decision to invest in the intersection of compute and power, well before the current AI boom. 'Long before Nvidia and GPUs took off, I figured compute was going to become power-hungry,' she says. Flex began acquiring capabilities in power infrastructure for data centers. Today, roughly a quarter of its business supports AI infrastructure, putting it in a differentiated position among contract manufacturers. Ruth This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Yahoo
Boeing CEO says defense business can weather looming worker strike
Boeing CEO Kelly Ortberg said Tuesday he's not worried about the impact of an impending strike that would include 3,200 union workers that produce fighter aircraft and munitions at factories in Missouri and Illinois. The threat of a strike follows the employees' rejection Sunday of Boeing's most recent contract proposal. The International Machinists and Aerospace Workers Union said in statement a strike could begin Aug. 4 if the parties don't reach a deal before the end of a weeklong cooling off period. Ortberg noted during the company's second quarter earnings call that the scope of the potential strike — which includes mechanics in plants in St. Louis and St. Charles, Missouri — would be much smaller than that of the 30,000-worker strike last fall. During that strike, the company took a $661 million charge on its KC-46 tanker development contract with the U.S. Air Force, in part due to work stoppages on the Air Force's KC-46 tanker. 'We'll manage through this,' he said. 'I wouldn't worry too much about the implications of the strike.' Along with the KC-46, Boeing holds contracts for several major Defense Department programs, including the Air Force's F-47 and F-15EX fighters, T-7 training jet and the Air Force One recapitalization effort. Ortberg, who took over as CEO nearly a year ago, said the company is making a 'turnaround,' after taking major losses in 2024. On the defense side, the firm is making 'renewed efforts around baseline and risk management' on key military programs. The goal is to get to 'high single-digit' profit margins in the near future. One of those efforts is to avoid entering into fixed-price development contracts with DOD, which put the company at risk of accruing major charges from the government for exceeding cost and schedule targets. Boeing's KC-46 work offers a cautionary tale for this approach, after years of quality problems and overages have resulted in more than $7 billion in additional costs for the company. 'We're not making the errors of the past and signing up for fixed-price development, high-risk programs,' Ortberg said, noting that while the company carries several major development programs, it's working closely with the DOD to de-risk that work. 'We're just going to have to keep doing that,' he said. Sign in to access your portfolio
