Golden West Brewing Co and Bondi Pizza face unexpected closures
- Replies 7
In a surprising turn of events, two well-known Australian companies, Golden Brewing Co and Bondi Pizza, have gone into administration.
These iconic brands, cherished by locals and tourists alike, are now grappling with unforeseen financial challenges that threaten their very existence.
Golden West Brewing Co, a celebrated craft beer brewery in Perth, officially appointed administrators on February 28, shortly after ceasing operations.
Mathieu Tribut from GTS Advisory has been chosen to lead the company through these difficult times.
A meeting is set to take place with creditors on March 12 to discuss the future of the brewery, which until recently was lauded for its innovative brews.
Last year, Golden West was awarded first place at the Perth Royal Food Awards in the Hybrid & Speciality Beer Draught category for its Smooth Bourbon Vanilla Porter.
They also won silver and bronze medals in three other categories.
According to reports, the brewery is actively seeking a buyer and is engaged in negotiations with another interested party.
This development comes on the heels of a restructuring process that began in August 2023.
While at the time deemed 'quite successful' by Tribut, the sudden downturn in sales this year proved too much for the brewery's reserves, leading to the appointment of an administrator as they ran out of cash.
Despite facing challenges, there is hope for the brewery to reopen in just eight weeks according to Tribut.
‘We’re fairly certain that the premises will remain and will reopen, but maybe under a different name,’ he assured.
The abrupt closure left staff and patrons in shock.
A staff member shared the ordeal on social media, writing: ‘We came into work in the morning, there was a meeting where we told what was happening. And that was it.’
Another employee criticised the company for its lack of announcement on social media, saying: ‘We put up the paper to at least inform valued punters that we’re permanently shut, rather than the radio silence on social media that’s currently happening.’
‘We got there in the morning like any other brewshift, then we’re told the news at 10 am, there’s still beer fermenting in tanks and beer ready to be canned,’ the employee added.
The brewery's website only mentions the venue's temporary suspension of trading in small print at the bottom of the homepage. It read: ‘Trading from the venue is currently suspended.’
As of the time of publishing, neither the company nor the administrator have issued any statements.
The broader implications of Golden West Brewing Co's predicament echo throughout Australia's craft beer industry.
Just recently, two more independent breweries—Big Shed Brewing located in Adelaide and another in Melbourne's northern suburbs—have also entered administration.
In similar news, the beloved Sydney restaurant chain Bondi Pizza also went into administration on February 28.
This development caused concern not only for patrons but also for approximately 120 workers waiting to hear about their employment status.
The restaurant chain, with bustling venues in Eastgardens, Macquarie, and Parramatta, could face the grim reality of shutting down unless a buyer steps forward.
Bondi Pizza, revered for its relaxed vibe and menu with contemporary spins on the classic Italian dish, has rooted itself firmly in the hearts of its patrons.
From humble beginnings to a household name, it managed to navigate the competitive food landscape of Sydney by using quality ingredients paired with a warm and inviting atmosphere.
After enduring pandemic pressures, Bondi Pizza even ventured to open a new location in Randwick in October 2023, which for now, escapes the touch of administration.
Unfortunately, Casual Dining Concepts' other chains such as Franco's $20 Pasta in Eastgardens, Detroit Deep Dish, and Sourdough Pizza have all gone into administration.
The company's first meeting of creditors was scheduled for March 11 with BRI Ferrier principals Johnathon Keenan and Peter Krejci as administrators.
During an interview, Mr Keenan stated that the company had faced financial difficulties during the COVID-19 pandemic and that these ‘historical difficulties’ are still affecting the business.
‘We are currently trading the business and offering the business for sale while we explore options to restructure its affairs and provide opportunities for its staff to continue with the group,’ Mr Kennan said.
‘But we’re working closely with directors and managers looking for a positive solution for the business,’ he added.
The company has not commented on this matter yet, as of the time of publishing.
What do you think about these closures, members? Are you a fan of these companies? Share your thoughts in the comments below.
These iconic brands, cherished by locals and tourists alike, are now grappling with unforeseen financial challenges that threaten their very existence.
Golden West Brewing Co, a celebrated craft beer brewery in Perth, officially appointed administrators on February 28, shortly after ceasing operations.
Mathieu Tribut from GTS Advisory has been chosen to lead the company through these difficult times.
Golden West Brewing Co went into administration. Image source: Golden West Brewing Co/Facebook
A meeting is set to take place with creditors on March 12 to discuss the future of the brewery, which until recently was lauded for its innovative brews.
Last year, Golden West was awarded first place at the Perth Royal Food Awards in the Hybrid & Speciality Beer Draught category for its Smooth Bourbon Vanilla Porter.
They also won silver and bronze medals in three other categories.
According to reports, the brewery is actively seeking a buyer and is engaged in negotiations with another interested party.
This development comes on the heels of a restructuring process that began in August 2023.
While at the time deemed 'quite successful' by Tribut, the sudden downturn in sales this year proved too much for the brewery's reserves, leading to the appointment of an administrator as they ran out of cash.
Despite facing challenges, there is hope for the brewery to reopen in just eight weeks according to Tribut.
‘We’re fairly certain that the premises will remain and will reopen, but maybe under a different name,’ he assured.
The abrupt closure left staff and patrons in shock.
A staff member shared the ordeal on social media, writing: ‘We came into work in the morning, there was a meeting where we told what was happening. And that was it.’
Another employee criticised the company for its lack of announcement on social media, saying: ‘We put up the paper to at least inform valued punters that we’re permanently shut, rather than the radio silence on social media that’s currently happening.’
‘We got there in the morning like any other brewshift, then we’re told the news at 10 am, there’s still beer fermenting in tanks and beer ready to be canned,’ the employee added.
The brewery's website only mentions the venue's temporary suspension of trading in small print at the bottom of the homepage. It read: ‘Trading from the venue is currently suspended.’
As of the time of publishing, neither the company nor the administrator have issued any statements.
The broader implications of Golden West Brewing Co's predicament echo throughout Australia's craft beer industry.
Just recently, two more independent breweries—Big Shed Brewing located in Adelaide and another in Melbourne's northern suburbs—have also entered administration.
Bondi Pizza went into administration. Image source: Bondi Pizza/Facebook
In similar news, the beloved Sydney restaurant chain Bondi Pizza also went into administration on February 28.
This development caused concern not only for patrons but also for approximately 120 workers waiting to hear about their employment status.
The restaurant chain, with bustling venues in Eastgardens, Macquarie, and Parramatta, could face the grim reality of shutting down unless a buyer steps forward.
Bondi Pizza, revered for its relaxed vibe and menu with contemporary spins on the classic Italian dish, has rooted itself firmly in the hearts of its patrons.
From humble beginnings to a household name, it managed to navigate the competitive food landscape of Sydney by using quality ingredients paired with a warm and inviting atmosphere.
After enduring pandemic pressures, Bondi Pizza even ventured to open a new location in Randwick in October 2023, which for now, escapes the touch of administration.
Unfortunately, Casual Dining Concepts' other chains such as Franco's $20 Pasta in Eastgardens, Detroit Deep Dish, and Sourdough Pizza have all gone into administration.
The company's first meeting of creditors was scheduled for March 11 with BRI Ferrier principals Johnathon Keenan and Peter Krejci as administrators.
During an interview, Mr Keenan stated that the company had faced financial difficulties during the COVID-19 pandemic and that these ‘historical difficulties’ are still affecting the business.
‘We are currently trading the business and offering the business for sale while we explore options to restructure its affairs and provide opportunities for its staff to continue with the group,’ Mr Kennan said.
‘But we’re working closely with directors and managers looking for a positive solution for the business,’ he added.
The company has not commented on this matter yet, as of the time of publishing.
.png){kind=icon}
