Australian online beverage retailer Boozebud has closed its website today, announcing the directors had resolved to appoint voluntary administrators on May 2, 2023.
The website states the company will no longer be taking orders and that the directors of Boozebud Holdings Ltd and Pocko Pty Ltd have appointed Michael Brereton and Sean Wengel of William Buck as joint administrators of both companies.
Following the demise of other online delivery services like Send, DashMart, Voly, MilkRun and Deliveroo in recent months, Brereton told Drinks Trade that a lack of funds led to Boozebud’s collapse.
“We were appointed on Tuesday and are still in the process of making our investigations, but it seems Boozebud’s collapse is the result of severe cash pressure,” he said.
Not prepared to comment on how many staff members had been affected by the closure, Brereton said that the facts of the matter still need to be investigated further.
A first meeting of creditors will be held on May 9, with the future of the company to be decided by creditors at a second meeting.
Also under investigation is that almost all Boozebud board members resigned in recent months, Brereton told news.com.au.
“Interestingly, the sole director of BoozeBud Holdings Ltd was only appointed as a director of the company on Wednesday April 26 2023.
"The remaining directors then resigned on April 27 2023. Further inquires are being made in this regard,” said Brereton.
Since starting operations in 2014 as BeerBud, Boozebud expanded under its new moniker before being bought in 2018 by ZX Ventures, the venture capitalists who own Carlton & United Breweries (CUB).
After CUB was sold to Asahi Beverages, Boozbud was back in the hands of founders Alex Gale, Andy Williamson and Mark Woollcott by 2020.
The threat of an IPO that did not eventuate in 2021 was quickly followed by the acquisition of Get Wines Direct in December of the same year.
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