Top Shelf International (TSI) – the company behind Ned whisky, Grainshaker vodka, and Act of Treason agave spirit – says finalising the sale of its Campbellfield factory for $8 million will clear its debt with the Australian Tax Office. TSI sold the site to Idyll Wine Co.
TSI’s original excise debt with the ATO was almost $5 million, but after paying down some of the amount, $3.2 million from the proceeds cleared the remainder owing.
The sale included all operational and production assets at Campbellfield including canning and bottling lines, brewhouse and distillery, and a small portion of its excess bulk whisky inventory. Its whisky maturation and warehouse facility at Somerton is not part of the sale.
TSI chair, Julian Davidson said it was a “key step in the ongoing financial and operational restructuring of the business”. The remaining funds would be used for repaying some of its debt to its senior secured lender, Longreach Credit Investors.
“Further details of other capital, debt and operational changes will be progressively announced to the market as they are finalised,” Davidson said.
The next day, TSI told the market that CEO, Trent Fraser, had agreed to step down following a six-month transition period.
Fraser said, “As Top Shelf transitions to a new stage in the life of the business, it is an appropriate time hand over the reins, and I look forward to ensuring over the course of the coming transition period that the company is well-placed to succeed in the future.”
Chair Julian Davidson has been appointed acting executive chair as the company now looks for a new CEO.
