South Freo-based brewing company Running With Thieves has exited voluntary administration, with the owners aiming for "national expansion and more" in 2024.
The business cited difficult trading conditions when entering administration in August, and continued to trade while looking to restructure their debt, with The West Australian reporting that the ATO was suing co-founder Scott Douglas over unpaid tax bills.
In a media statement announcing the acceptance of a DOCA (Deed of Company Agreement) proposed by Run With Us Pty Ltd, the administrators said the brewery would continue operating under a new ownership structure, with almost all staff retained.
In the statement, they said Run With Us Pty Ltd is driven by Michael Simm, managing director of Simm Group and a major shareholder in the business, Matthew Cruden and Toby Hagen, both of whom are investors and major shareholders.
They told The Crafty Pint the group was previously involved with funding Running With Thieves as silent shareholders, saying they "believe that it has a bright future with new management, and access to the requisite funding."
Run With Us has contributed $1.1m towards the DOCA fund as well as "certain other assets held by the Administrators at the date it was signed", added that they're "now excited to steer the company in a different direction."
As for more on their future plans, they said they had no comment to make at this stage.
The news comes in the same month that Victorian brewery Bad Shepherd also exited voluntary administration, following a period in which they restructured legacy debts built up during COVID.
You can read more about the challenges facing the country's brewing industry in The Exploding Cost Of Brewing Beer.
Media Statement (November 13, 2023)
Richard Albarran, Cameron Shaw, and Aaron Dominish, Joint and Several Deed Administrators of Atari Enterprises Trading Company Pty Ltd (Subject to Deed of Company Arrangement) (“the Company”, “Running with Thieves”), are pleased to announce a Deed of Company Agreement (“DOCA”) proposed by Run With Us Pty Ltd was accepted at a meeting of the Company’s creditors held on 9 November 2023.
The DOCA has been signed on 10 November 2023, and the Deed Administrators note positively it proposes to continue the Company’s business, including retention of 60 staff representing approximately 98% of the Company’s employees.
“We are grateful for the support of the Company’s suppliers, dedicated team, and loyal patrons throughout the period of Administration, which allowed continuing operations on a business-as-usual basis,” a spokesman for the Deed Administrators said.
Run With Us Pty Ltd is driven by Michael Simm, Matthew Cruden, and Toby Hagen who have commented: “The company is well positioned for the busy summer period and looks forward to welcoming its patrons, as the brand sets its sights on national expansion and more in 2024.”
Issued by Richard Albarran, Cameron Shaw and Aaron Dominish, as Joint and Several Deed Administrators of Atari Enterprises Trading Company Pty Ltd (Subject to Deed of Company Arrangement) (“the Company”, “Running with Thieves”).