Historic Australian beverages brand Billson’s has collapsed.
The brand, known for its cordials and pre-mixed alcoholic drinks, made the announcement on Wednesday, saying the decision to place the business into voluntary administration was “excruciatingly difficult”.
Owners Nathan and Felicity Cowan said the business had struggled to keep up with its enormous growth since the pair took over in 2017.
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“Unfortunately that growth masked several mistakes we made along the way as our systems and processes failed to keep up,” they said.
“We’re ultimately responsible for these mistakes and we know that we have let people down. We are devastated and sorry.”
The couple said Billson’s had faced “vast and incomprehensible” challenges this year, but they would do everything possible to ensure the business would survive and thrive.
“We will do everything possible to work through this so Billson’s can emerge more resilient as a business and ready to take on another century,” the Cowans said.
“With all of its remarkable local history, we believe that Billson’s will get through this, so people can enjoy it, well into the future.”
The Billson’s brewery in Beechworth, Victoria will remain open and its online store will continue to operate as normal.
Matthew Hutton and Robert Smith from McGrathNicol have been appointed as administrators according to Australian Securities and Investments Commission (ASIC).
In a statement, McGrathNicol said the administrators were undertaking an “urgent assessment” of the business and were exploring sale or restructuring options.
Smith said they would be launching a business sale process “imminently” which he expects will generate a lot of interest.
“We are engaging with key stakeholders to maximise the prospect of successfully completing a sale or recapitalisation of Billson’s,” he said.
“Our immediate focus is to undertake an assessment of Billson’s assets and work alongside management, employees, suppliers, and customers to secure the best outcome for all parties.”
Billson’s Brewery was founded in 1865, making it one of the oldest beverage manufacturing companies in the country.
In 2017 the Cowans took over the business, which at the time had scaled back production to only a handful of cordials.
The pair restored the historic brewery in Beechworth and began producing a range of new cordial flavours, sodas and spirits.
The building now has a tap room, beer garden and speakeasy bar for visitors to enjoy a beverage or a meal.
A creditors’ meeting will be held on Monday, August 12.