Hawkers Beer has successfully emerged from voluntary administration under existing management after it started the process on 12 February.
The outcome was decided today after creditors unanimously signed the DOCA developed by DBA Reconstruction & Advisory in conjunction with Hawkers’ directors. The DOCA specified how Hawkers will financially restructure in order to remain profitable and resilient moving forwards.
“After a challenging period for the business, we are grateful that our restructuring proposal was unanimously approved,” said Mazen Hajjar, Founder and Managing Director at Hawkers.
“Through a challenging time for the business, we have been buoyed by the support of our customers and supply partners.”
melbourne-based Hawkers is considered one of the largest and most esteemed independent breweries in the country. Worryingly, it encountered its financial problems despite reporting consistent growth in both its Hawkers and Rover brands over recent years. When beginning the process with administrators, Hajjar cited reasons such as increased production and distribution costs and the growth in craft beer ‘homebrands’ as catalysts for Hawkers’ debt.
“Post Covid has been a challenging period…
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