Cricket legend Brett Lee’s Sydney Beer Co goes | Australian Markets
Directors of former Australian cricketer Brett Lee’s failed Sydney Beer Co say they’re now within the early levels of investigating what led to the company’s demise.
Paperwork filed to the Australian Securities and Investments Fee confirmed Sydney Beer Co — co-owned by actor and author Matt Nable — went into administration final Friday, simply six months after it raised more than $6 million to fund its enlargement into the US.
The company’s collapse comes amid harder trading circumstances for Australian booze producers as they grapple with increased prices and dampened client spending.
Sydney-based RSM Australian companions Richard Stone and Brett Lord had been named as directors.
In a temporary assertion to The Nightly, an RSM spokesman confirmed Mr Stone and Mr Lord’s appointment, saying an “investigation is under way albeit in the very early stages”.
In line with its web site, Sydney Beer Co merchandise are offered in more than 350 venues and in retailers together with Endeavour’s Dan Murphy’s and BWS, in addition to impartial liquor shops.
Mr Lee was one of Australia’s most profitable fast bowlers, taking 310 wickets in 76 Check matches between 1999 and 2008.
Sydney Beer Co’s collapse got here simply weeks after Prime Minister Anthony Albanese promised to put beer taxes on ice for 2 years from August.
The draught beer excise often will increase twice a 12 months, with the latest hike of simply over one per cent initially of February.
The Federal Authorities has additionally introduced tax aid for distillers, brewers and wine producers, who will be capable to get a refund on any excise paid — up to $400,000 — ranging from July 2026.
Earlier this 12 months, The Nightly revealed booze producers have additionally been hit by more than a 20 per cent price increase in glass bottles over the previous two years.
Keep up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We offer day by day updates to make sure you have entry to the freshest data on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Discover how these trends are shaping the longer term of Australia’s financial system! Go to us repeatedly for probably the most participating and informative market content material by clicking right here. Our rigorously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory adjustments, and pivotal moments within the Australian financial panorama.
