Tribe declare 'fresh start' under new ownership
Tribe Breweries has emerged from voluntary administration with new owners and a new CEO and has declared a “fresh start” in a media statement, saying partner brewing will continue to be their “driving force” as they set “a new path forward” for their brands such as Stockade Brew Co, Mornington Peninsula Brewery and Wilde.
“Partner brewing will continue to be the driving force behind Tribe Breweries’ revitalisation, with a focus on creativity, innovation and supporting the local Goulburn community.”
The Goulburn-based brewing company went into administration in February owing creditors a combined $72 million which included the Elsie Cameron Foundation and its linked VBS Investments (a combined $33.2 million), the Australian Tax Office (approximately $8 million) as well as packaging giants Visy ($1.8 million). The administrators would in turn shut Stockade’s Marrickville brewpub in March.
After creditors voted in April to accept 5.3¢ in the dollar to see it stay afloat, Tribe’s new owners and major shareholders are the Elsie Cameron Foundation – the Tasmania-based charitable group founded by Kathmandu founder Jan Cameron – while Heath Baker replaces ex-CEO Amarto Basu and will assume day-to-day corporate operations.
In the statement Tribe said: “(After) exiting voluntary administration in late May, Tribe Breweries has now been able to successfully restructure its financial position with clear and committed ownership and set a new path forward for their organisation and the key brands they produce, including Stockade, Mornington Peninsula Brewery and Wilde.
“Partner brewing will continue to be the driving force behind Tribe Breweries’ revitalisation, with a focus on creativity, innovation and supporting the local Goulburn community.”
Mr Baker, who was Tribe’s general manager from January this year after serving as the head of international alcohol with Coca-Cola Europacific Partners, added: “The completion of the administration process marks a fresh start for Tribe Breweries.
“We are extremely proud that despite this challenge, we maintained supply to all of our customers throughout the process and now with the business on renewed footing, this enables us to provide more certainty for our employees, customers and suppliers.
“We are excited to be able to refocus on our long-term growth and efficiency plans and move forward with our team, suppliers and customers from our Goulburn brewery.”