Australian Distilling Ltd has appointed RSM Australia as voluntary administrators. The company’s brands are Old Young’s, Juniper Society, and Gingin Gin and is based in the Swan Valley region of Perth, Western Australia. It was established in 2014.
RSM partners and national directors Restructuring and Recovery, Greg Dudley, Phil Davie and Jerome Mohen, are the administrators.
Mohen said RSM was in control of the company and assessing its financial position and future viability, while giving the business the opportunity to restructure operations. Meanwhile, it would trade as business as usual.
Australian Distilling director and head distiller, James Young, said the company was working with its advisors on a restructuring plan.
“[The restructure] will provide the best outcome for creditors and ensures shareholders retain their shares as we exit administration, including those issued via previous crowdfunding campaigns,” Young said.
2023 Icon of Gin Awards.
In 2023, its brand, Old Young’s, gained international attention when it took home World’s Best Craft Gin Producer and Brand Innovator of the Year at the Icon of Gin Awards in London.
It was the first time an Australian distillery won Craft Gin Producer and only the second time an Australian won Brand Innovator of the Year, with Four Pillars winning the category in 2022.
The awards were announced just as its first private funding round opened in Australia through Birchal. The raise was the biggest equity crowdfunding achieved for Western Australian, the biggest in Australia that financial year, and the biggest alcohol raise in Australia. It reached its $2.7 million target in 23 hours.
planned 'Cathedral of Gin'.
Source: Old Young's
Late last year, the distillery held another Birchal raise and reached just over $1.4 million, with funds going towards its $30 million ‘Cathedral of Gin’ – a sustainable distillery with accommodation, immersive gin experiences, event spaces, dining and tasting rooms, and a secret bar. Its design, by Cumulus Studio, was a tribute to Old Young’s original tin shed that unfurls like a lemon peel twisting toward the sky.
Young also announced the round would support a ‘gin-ternship’ for anyone investing more than $250,000 – the opportunity to travel the world and educate the palate with assistance from industry icons, before returning to the Swan Valley and creating a signature gin available for sale.
Mohen said the related business, Old Young’s Kitchen, which previously ran a restaurant and now hosts events including weddings, is operated by a separate, related company, which is not under voluntary administration. Its directors have advised RSM the business is trading as usual with all planned events going ahead.
