Less than one year after being put up for sale and one week after gaining shareholder approval for a planned $10 million capital raise, embattled Australian spirits producer Top Shelf International has been placed into voluntary administration following an extended period of economic hardship and debt pressure.
Announced to shareholders yesterday, the decision follows shortly behind Top Shelf’s $8 million Campbellfield production facility sale, which at the time was reportedly enough to fully repay the business’ outstanding ATO excise liability, with $4.8 million left over to be put towards other debts.
It also follows behind the recently-announced and soon-approaching departure of CEO Trent Fraser on 21 November this year.
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