Popular Tasmanian craft brewery Fox Friday and its subsidiaries have been placed into voluntary administration after facing significant financial challenges.
Owners Sarah and Benn Hooper announced the appointment of McGrathNicol as administrator in a statement released today.
The Hobart-based brewery operate the popular ‘Fox Friday’ branded bar on Murray Street in Hobart, alongside two other locations in Melbourne and Perth.
The company also runs the Moonah Hotel and Cellars and Melbourne’s Carwyn Cellars.
The venues are expected to continue trading during the administration process.
“Unfortunately, we’ve faced significant financial challenges that have brought us to this point,” the Hoopers said.
“Our financial lender could not meet their obligations for our capital projects. While funding was confirmed, we experienced continual delays extending to March 2025, and now they have been placed into liquidation.”
The couple explained they were left covering major capital investments with operational funds based on assurances that financial support would eventually arrive.
Fox Friday began as a small operation in 2016 before the couple bought it in 2019, with the pair brewing beer during weekdays and running a makeshift taproom on weekends.
The business expanded significantly in late 2020 with the opening of their Hobart Tap Room, followed by additional venues and breweries.
“We tried everything we could to quickly pivot to new lenders and/or equity partners, but quite simply, time and the complex nature of the situation were not on our side,” the Hoopers said.
The brewery said customers may notice changes to operating hours across their venues.
“We’re committed to keeping it business as usual during this time,” the owners said.
“We very much intend to come through the other side of this and we hope that Fox Friday and its subsidiaries will continue to operate well into the future.”
Last week, the federal court appointed FTI Consulting as liquidators of Falcon Capital and ordered the liquidators to wind up Falcon and First Guadian.
Falcon had reportedly provided a $30 million dollar loan to Fox Friday.
Administrators McGrathNicol said their priority was to work with Fox Friday’s employees, customers and key suppliers so the brewery could continue trading while “sale process preparations are made”.
“Control of Fox Friday Group now rests with the Administrators who intend to continue to trade on a business-as usual basis whilst they pursue going concern sale options or a recapitalisation through the voluntary administration process,” the statement said.
