Salisbury-based Ballistic Beer Co dodges liquidation after a consortium of investors takes a majority stake in the business.
A consortium that includes Catchment Brewing Company and LaLa Hospitality Group reportedly invested $850,000 in the business, saving the independent brewer from liquidation.
Under the arrangement, Catchment takes a majority stake in the business and chief executive Matt Newberry will assume the group CEO role. Ballistic founder David Kitchen, meanwhile, remains a shareholder of the business and will serve as a strategic advisor to the board.
With more than $5 million in debts including more than $2 million in unpaid taxes, Ballistic Beer entered into voluntary administration last January 2023.
Mr Kitchen said that the business is confident that the capital injections from partners and the strategic input to the plans they have been working on will see Ballistic remain a large, relevant and popular craft beer brand in the Australian Craft beer Industry.
Meanwhile, Mr Newberry said that Catchment believes that Ballistic Beer will add value to their portfolio and offer a truly independent QLD craft beer company with a terrific suite of brands and venues.
He added that they will retain as many of the Ballistic team and breweries as they can to preserve as many QLD jobs as possible and keep the Ballistic brand alive.
Ballistic Beer has established its name as one of Queensland’s high-profile independent and multi-awarded brewing companies since it was launched in 2017, winning nearly 100 gold, silver and bronze medals at various national and international competitions.
Ballistic Beer has a presence in Salisbury, West End, Springfield, Bundaberg and Airlie Beach. Its products are now sold in more than 2,800 outlets, independent bottle shops and venues across the country including BWS, Dan Murphys, First Choice and Liquor Land.
Published 18-March-2023
