Top Shelf International, an Australian vodka and whisky maker, is weighing up the future ownership of the business.
The company, which has had the trading in its shares suspended since 27 September, has appointed EY to advise on potential options.
In a statement to Just Drinks, a company spokesperson said: “Top Shelf International has engaged EY as its advisor for a potential sale of its business or assets.”
The spokesperson said Top Shelf had “received both domestic and international interest”, prompting the company's board to start a “process to engage the broader wines and spirits community”.
“Further updates on this process will be provided when it is appropriate,” the spokesperson added.
The news follows the adjournment of Top Shelf's annual general meeting last week.
Now scheduled for 28 February, the meeting was adjourned to “allow shareholders a reasonable opportunity to consider the company’s annual report and financial statements for the year ended 30 June 2024, which the company expects will be available to shareholders in early 2025”.
After the trading in Top Shelf's shares was suspended, the company said it could not release its audited financial statements for its 2024 financial year. The numbers were due on 30 September.
Top Shelf requested the suspension to “review its operating strategy” and “finalise” a funding push, stating that continued trading could be “materially prejudicial” to its funding plans.
The company did provide unaudited annual numbers in July, which included a 10% in group net excise revenue of A$18.8m, up 10% on a year earlier. The company reported an EBITDA loss of A$11.3m, versus one of A$22.3m the year previous.
Top Shelf’s assets include a whisky brew house, distillation equipment for whisky and vodka, and packaging facilities for cans and bottles.
Additionally, Top Shelf owns a 430ha farm in the Whitsundays and brands such as Grainshaker Australian Vodka, Ned Australian Whisky, and Act of Treason Agave.
In the first quarter of its 2025 financial year, Top Shelf generated an underlying EBITDA loss of A$2.6m.
The company said the result reflected a 14% improvement year on year due to improved gross margins and cost cuts.
In October, the company appointed Dimitrios Argyriou as its new CFO.
