Akasha Brewing Company have emerged from voluntary administration following their creditors accepting a Deed of Company Arrangement from the brewery’s directors.
The Sydney brewery appointed Henry McKenna of Vincents as administrators on March 20, with Akasha saying it came as a result of declining customer demand, excise tax payments and a significant increase in excise tax.
In a media statement, founder and CEO Dave Padden said the restructuring sees the brewery in a stronger position to compete in the challenging market.
“This has been a very challenging time, but we have been humbled by the outpouring of support from our investors, customers and suppliers,” Dave said.
“We are more determined than ever to ensure the success…
