Latest news with #BrettLee
Sky News AU
10 hours ago
- Business
- Sky News AU
Brett Lee's Sydney Beer Co saved from liquidation after creditors accept lifeline following months in administration
Former Australian fast bowler Brett Lee's collapsed beer company has been thrown a lifeline after creditors backed a rescue deal. Sydney Beer Co collapsed in March this year after failing to successfully trade, according to documents filed to the Australian Securities and Investments Commission. Being founded in 2016, the lager was distributed to 350 venues nationwide and sold in independent bottle stores, Dan Murphy's and BWS. Lee, who claimed 310 wickets in 76 Test matches, was listed as a co-owner in 2022 along with Australian actor and writer Matt Nable. New documents revealed administrators put total liabilities of the business at an estimated $8.5m, threatening the business into liquidation. Sydney Beer Co's administrators, Brett Lord and Richard Stone of RSM Australia, said the company could not continue due to a negative cashflow. All 11 staff members were sacked as $1.1m was owed to the tax office, $6.2m in loans to the company's parent company SBCO Op and $642,540 owed to 47 trade creditors. Employees were listed as being owed over $460,000 including $226,222 in wages, $134,028 in superannuation and $46,348 in annual leave. The company aspired to expand into the United States from a $6m capital raise, despite figures showing trading losses for four years prior to going into administration. Financial records showed gross profit spiralling from $474,045 in FY2021 to $123,781 March 2025. Mr Lord told The Daily Telegraph the company sought further capital investment to continue trading but was unsuccessful. 'With funding from SBCO Op the company implemented a revenue growth drive during FY23 and onward,' he said. 'Whilst revenues increased from this date forward, increases were insufficient to meet the additional costs of sales and operating expenses to achieve those revenues.' SBCO Op submitted a lifeline deal to creditors where employees got paid out in full and unsecured creditors received between 21c to 100c on the dollar. Administrators suggested the creditors to take the deal, or else unsecured creditors would likely get back 0c to 5c on the dollar if Sydney Beer Co was tipped into liquidation. The money paid to creditors will come from an estimated $1.1m of company assets and a cash lump sum paid by SBCO Op of a minimum of $1m, upwards of $1.5m. Control of Sydney Beer Co has been returned to the directors. Their website has since been taken down and the product can't be purchased from retailers.
Yahoo
02-04-2025
- Business
- Yahoo
Sydney Beer Co owes millions to tax office
Sydney Beer Co company owes nearly $10m to suppliers, documents show. Minutes of the first creditor meeting filed with the Australian Securities and Investments Commission show the beer company, which is co-owned by former Australian fast bowler Brett Lee, owes $9.76m to 64 creditors. The amounts include $1.3m to the tax office and $33,000 to Mr Lee's former teammate Glenn McGrath's charitable organisation the Jane McGrath foundation, which helps cancer nurses deliver services across Australia. Sydney Beer Co, co owned by actor Matt Nable, was sent into administration in early March, just months after announcing a $6m capital raise for its US expansion plans. An entity operated by Sydney Beer Co chair David Catterrall is the biggest creditor, owed a little more than $6.2m via a related party loan. RSM Australia partners Richard Stone and Brett Lord were appointed as administrators, with the first meeting with creditors on March 19. Mr Lord said Sydney Beer Co directors had indicated they would put forward a deed of company arrangement proposal. 'In liquidation process there is unlikely to be sufficient assets realisations available to pay to any class of creditor in full,' he said. 'The administrators will continue with further investigations on affairs of the company.' Lee was one of Australia's premier fast bowlers, taking 310 wickets in 76 Test matches. He has never been a director of the Sydney Beer Co, and there is no suggestion of any wrongdoing by him. The collapse of Sydney Beer Co comes just weeks after Prime Minister Anthony Albanese froze the beer excise in a 'modest' cost-of-living win. From August 2025, the biannual alcohol excise, which is charged to brewers and distillers, will be paused on draught beer and beer served from a keg or cask, meaning it only has the potential to bring down the cost of beer poured in a pub, bar or restaurant, with sellers of bottled or tinned beer missing out. Sign in to access your portfolio
