- Beer company goes bust
- Staff were let go last week
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An award-winning brewery has entered voluntary administration after the company encountered financial difficulties.
Golden West Brewing Co located in Perth collapsed and the business was forced to let go of staff mid-shift last Wednesday.
Administrators only kept the brew team on the job to finish processing the beer that was already in the tanks so that the beverage could be packaged and sold.
Golden West was founded in 2021 in Leederville in Perth’s inner-west by a group of five school mates.
Golden West Brewing Co, a brewery located in Perth has entered voluntary administration (pictured stock image of cans of beer)
The company’s website informed beer lovers that their venue has been temporarily suspended but consumers could still purchase beverage by contacting them directly.
Daily Mail Australia contacted Golden West Brewing Co for comment.
A source close to the company told Perth Now that cost of living pressures left the business with no other option but to close.
The company is also understood to have been unable to stay afloat due to the closure of several breweries in Sydney and Adelaide.
Mathieu Tribut from insolvency firm GTS Advisory been appointed the administrator.
The company conducted a small business restructure in 2023 in order repay outstanding debts so that the business could continue to keep trading.
The company was forced to close due to cost of living pressures (pictured stock image of a pubgoer enjoy a glass of beer)
Despite a strong ending to the trading period in the final quarter of 2023 sales plummeted in January and February.
‘The company had insufficient capital to continue trading,’ Mr Tribut said.
‘It’s a sad story. No one is to blame and the boys did their best.’
Despite the financial woes the company has encountered Mr Tribut said it does not mean the business will close for good.
He said the company would go through a complete restructure of business operations and would begin trading under a new name in an soon as four weeks.
Mr Tribut said someone had already expressed interest in taking over the business.
More to come.
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Read more at DailyMail.co.uk