Former Australian quick Brett Lee’s beer company has collapsed just months after expanding into the US market.
Sydney Beer Co collapsed on account of a difficult trading environment, according to documents filed to the Australian Securities and Investments Commission (ASIC).
The company had been exporting beer to Malaysia and the United States for six months after it raised more than $6million to fund the expansion.
RSM Australian partners Brett Lord and Richard Stone have become administrators of the business.
The company will meet with creditors on March 19.
Mr Lee was one of Australia’s most intimidating speedsters, with 310 test wickets under his belt from 76 matches.
He co-owns the beer company with film actor and TV writer Matt Nable.
The beer is stocked in independent bottle stores as well as Dan Murphy’s, BWS and other major cellars across NSW.
Brett Lee co-owned the Sydney Beer Co, established in 2016, with writer and actor Matt Nable
‘We’ve been fuelled by a belief that our iconic city deserved a locally owned premium lager as an alternative to the mainstream Asian and European brands that dominate the market,’ the company’s website reads.
’With a dynamic team behind the scenes and high profile owners and stakeholders, Sydney Beer Co has brought a product to market that is loved by all.’
The company was established in 2016, and was directed by Dean Woodbridge and David Catterall, according to ASIC documents.
Prime Minister Anthony Albanese last month announced the government would freeze increases to the national beer excise for the next two years.
He hoped the measure would help brewers, regional businesses and local venues stay afloat as they and their customers have suffered in the cost-of-living crisis.
‘My government is building Australia’s future and to do that we need to support our small and medium local businesses to thrive,’ Mr Albanese said at the time.
‘Freezing the excise on draught beer is a commonsense measure that is good for beer drinkers, good for brewers and good for pubs.’
The company cited a difficult trading environment in documents submitted to ASIC when it was placed under administration on Friday
Cost-of-living pressures in general have worsened diminishing beer sales in recent history.
Younger drinkers are also turning to alternative beverages including pre-mixed drinks, lower-carb options, seltzers and alcoholic soft drinks.
Forty-eight per cent of young women in Australia aged 18 to 24 preferred drinking pre-mixed spirits, followed by 26 per cent who preferred drinking bottled spirits and liqueurs, according to a Australian Institute of Health and Welfare report release last year.
Young men of the same age bracket, however, still predominately prefer drinking regular strength beer, followed by pre-mixed spirits.
