The owners of award-winning Australian brewery Lotus Beer are devastated after the company went into voluntary administration. However, they are still hopeful that the business can continue.
According to an announcement from the Australian Securities and Investment Commission, administrators Matthew Kucianski and Scott Andersen of Worrells have been appointed to look after the company.
The first meeting of the company’s creditors is scheduled to take place next week. News Corp Australia has contacted the administrators about the situation.
According to a report in the Geelong Advertiser, Lotus Beer Co. director Scott Hunt was devastated by the company’s situation.
According to Mr Hunt, the company’s financial situation had worsened due to the rising costs of ingredients, power, and rent.
He said that the company had worked incredibly hard to build a successful business. However, he said that they were devastated by the situation.
He is still hopeful that a buyer or new investor can be found for the company.
In a post on its social media page, Valhalla said that it was selling its Union St taproom.
The company noted that it had become clear that it needed to focus its resources on its new North Geelong brewery.
It also said that it was time for a new owner to take over the facility. The owners of the brewery stated that the taproom would remain open until a buyer was found.
The Valhalla beer hall, which was opened in North Geelong in 2023, is a 200-person facility.
Australia’s craft brewing industry has been struggling with the rising costs of overheads.