TBA Beverage Co. Seeking Investment or Sale of Assets
On July 24, 2020 At 4:00 pm
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VANCOUVER, BC – After three years of operation under three different names, the Vancouver brewery currently known as TBA Beverage Co. is looking for investment or sale of company assets while it undergoes restructuring.
TBA was founded in 2017 as Factory Brewing with a focus on contract and partner brewing, and changed its name to Craft Collective Beerworks in 2018, at the same time that several house brands including Haus Lager and Spectrum Beer were launched alongside the facility’s contract/partner brewing operations. A further name change took place early this year, when Craft Collective was rebranded as TBA Beverage Co.
While TBA has continued operations, a page on the website of corporate consultants The Bowra Group indicates that in April the company “filed a Notice of Intention to Make a Proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act”, and that Bowra Group is “seeking offers or an investment in, or the assets of, TBA”.
A letter sent to creditors on April 20th described the situation in more detail:
A recent management change has refocused the company on our own branded products as the path to enduring success. These efforts have proved fruitful in streamlining results and setting the company on a path to long term success. Unfortunately, with the downturn in the hospitality sector alongside some legacy internal issues it has become apparent that a restructuring is necessary to ensure that the company can consolidate our recent successes and emerge as a Company valued by employees, customers and suppliers.
Since the recent pandemic hit our revenue has been cut by approximately half with the shutting down of restaurants and pubs. We have seen strong retail sales since the pandemic has hit, but sadly, they are insufficient to cover the cost of operations. TBA has received an increased line of credit from its secured lender to help it during this process and the secured lender has committed to supporting this restructuring process.
The deadline for investment and purchase bids passed earlier this month, and it has not been announced if any successful offers were made. Further details and updates will be reported here on CBN as they become available.
Source: The Hopline