The Fox Friday Group has entered voluntary administration after its primary lender collapsed. The hospitality group has struggled to find a new lender or equity partner in time to avoid voluntary administration.
Fox Friday has been a rising star in Australia’s craft beer scene since 2019 and is known for its hazy and American-style beers.
Benn and Sarah Hooper founded the group in Tasmania with a small factory and taproom. The duo rapidly expanded the business, with the group now running Moonah Hotel & Cellars alongside the brewery and taproom in Hobart, a taproom and Carwyn Cellars in melbourne, and a taproom in perth.
The administration comes in the wake of ASIC’s investigation of investment holding company Falcon Capital over concerns about Falcon’s management and associated risks to investors. Earlier this month, the court appointed liquidators to wind up Falcon.
Falcon Capital provided significant funding to Fox Friday. The business has since used operational funds to cover costs.
The Hoopers announced that they had appointed Keith Crawford and Robert Smith of Mcgrath Nicol as administrators on Friday. They intend to continue trade whilst they pursue recapitalisation.
Last month, CreditorWatch…
