The 2020 decision by the founders of BoozeBud to buy back their online drinks retailer from Japanese brewing giant Asahi Beverages has not panned out as planned, with voluntary administrators taking control of the business on Tuesday and shutting down sales.
A majority of the board members had resigned over the recent months and the remaining directors of BoozeBud Holdings Ltd and Pocko Ltd (trading as BoozeBud) appointed Michael Brereton and Sean Wengel of William Buck as Voluntary Administrators of the companies on May 2.
Michael Brereton, director of restructuring and insolvency at William Buck said that after urgent assessment of the companys financial position, they determined that it has insufficient cash to continue to trade in th…
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