An iconic drinks brand has been saved from being liquidated after months of uncertainty.
Billson’s Brewery, the beverage brand run by husband-and-wife team Nathan and Felicity Cowan in Beechworth in north-east Victoria was placed into administration in July.
Creditors McGrath Nicol last week outlined three options: an end to the administration, a deed of company arrangement or liquidation.
Administrators recommended the second option, which offered the best return for creditors by allowing them to govern how to deal with the company’s affairs.
The Cowans are ‘thrilled’ with the outcome, which secured the company’s future and the 159-year-old brewery it’s based out of.
‘This morning, our proposal to restructure and recapitalise the business was approved by our creditors,’ a statement read.
‘This marks a pivotal milestone for us of which we are truly grateful.
‘The restructure will allow us to refocus on what we love most: the Beechworth venue experience, our range of traditional flavours and the site’s pristine alpine spring water.’
The couple thanked customers for their support in playing a ‘vital role in keeping the Billson’s dream alive’.
‘We look forward to sharing more details about our restructure and plans in the coming weeks, but for now, we simply want to say thank you,’ they added.
Fans rejoiced over the news on social media.
‘That’s amazing news and a testament to your resilience and commitment to make it work,’ one wrote.
Another added: ‘Apart from the delicious drinks the reason I have and will continue to support you is the love, care and respect you have for your team.’
A third wrote: ‘We are so happy and thankful to hear this news.’
‘We admire your tenacity and resilience in what has no doubt been a year of uncertainty, can not wait to visit you again.’
Billson’s, which produces premix drinks and craft beer, blamed the collapse on a sharp decline in customer spending amid rising inflation and high government excise on spirits.
The collapse came despite annual sales soaring to about $120 million in 2023-24, up from $100 million a year earlier.
In January, Billson’s had 200 staff members.
A month later, the company slashed its workforce by half to cut costs with the administrators planning to implement further job cuts.
Among the company’s assets is the historic Beechworth brewery which has become a popular tourist attraction offering tours, accommodation, a beer garden and a bar.
Beechworth Inc President Katerina Witherow happy to hear that Billson’s will continue trading.
‘It’s been a difficult time for business to trade post-COVID,’ she told the ABC.
‘Especially in these times, it’s so hard and difficult out there at the moment and we do have a lot of empty shops in town.’
She hoped the owners had ‘learnt a lot of lessons’ about running the brewery to keep it above water.’
Billson’s being saved in the 11th hour is one of few wins for the alcohol industry which has seen a number of independent brewers collapse over the past year.
Most recently the Queenscliff Brewhouse near Geelong, had administrators appointed on September 23.
Founder of craft brewery Young Henrys, Richard Adamson, accused Prime Minister Anthony Albanese of abandoning the industry which contributes $1.93billion to the national economy each year and employs about 10,000 people.
‘When he was in opposition, he was supportive and helped get the remissions scheme (for excisable alcohol) through (in 2021),’ Mr Adamson, who is also president of the Inner West Breweries Association, earlier told Daily Mail .
‘But I guess he’s got bigger fish to fry at the moment (than help us).’