Lotus Beer Co, the Geelong craft beer company behind Valhalla Taproom and Valhalla Brewhall, has entered voluntary administration.
Company founder Scott Hunt said skyrocketing operational costs and a dramatic down-tick in demand were behind the move.
Scott Andersen and Matthew Kucianski from insolvency firm Worrells were appointed as the administrators on Monday.
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They will join creditors in a meeting to discuss business viability and the future of the company next Wednesday.
“We understand Lotus entered voluntary administration due to rising cost-of-living pressures, which ultimately led to a reduced demand for the company’s products,” Andersen said in a statement.
“It was also experiencing increased costs of production in operating its businesses.”
The businesses are still operational at this stage and Anderson said the administrators are “hopeful that we can find the right buyer or investor to keep the business moving into the future”.
Hunt founded Valhalla in 2016 and opened Valhalla Taproom on Union St, Geelong in 2018.
The Valhalla beer range grew…
