Spirits company, Top Shelf International (TSI), has appointed McGrathNicol as voluntary administrators. The company will continue to trade as business as usual while options of sale or recapitalisation are considered.
McGrathNicol partners, Rob Smith and Matthew Hutton, are the administrators.
It has been almost two years since TSI began instigating strategies to reduce debt, free up capital and ultimately become profitable.
The company produced brands NED whisky, Grainshaker vodka and Act of Treason Australian Agave.
In July, it launched a $10 million capital raise to fund business restructuring, operational expenditure, and working capital as it finalises a third-party distribution deal with Amber Beverage Australia.
