Billson's asset sale to finalise in coming weeks

AN asset sale of Beechworth’s iconic Billson’s Beverages to a “confidential” party is expected to conclude in January as the company’s future was secured last week. Creditors of Billson's met on Thursday, December 5 to vote not to put the company into liquidation and engage in a deed of company agreement. Billson's housed in a 160-year-old local brewery entered voluntary administration in July. Creditors were faced with three available options to vote on; whether company control would be returned to directors, entering a deed of company agreement or enter liquidation. They voted to execute the proposed DOCA, recapitalising the company and safeguarding the roles of the remaining 42 employees with Billson’s. Administrators recommended entering the DOCA, as it offered the best return for creditors. An administrators report received by creditors at the meeting outlined the proposed restructure, which reverted control and management of the company back to the director, Nathan Cowan and the existing shareholders. But this would not include assets subject to an assets sale which administrators launched in August, in order to recapitalise the company. The report said the process resulted in significant interest and received seven non-binding offers, which have since been narrowed down to one. “Since October 23, administrators have been negotiating with an unrelated, preferred bidder on finalising an asset sale,” the report said. “The asset sale is with an unrelated, confidential party and remains subject to ongoing negotiation at this stage. “It is intended under the asset sale, the counterparty will acquire Billson’s Beverages alcoholic ready to drink business and the key intangibles, the majority of which are owned by Billson’s Holdings.” The report said the asset sale is planned to be completed on or around January 31, 2025. The proposed DOCA voted on by creditors sees the company's $12.2 million debt to NAB paid in full as a secured creditor, while unsecured creditors will get between seven to 10 cents on the dollar. The report outlined the key events leading up to the appointment of administrators on July 31, with a decline in sales, cost-of-living pressures and intense competition cited as some of the company's top difficulties. Mr Cowan and partner Felicity released a statement last Thursday informing their community of the news, which received more than 34,000 likes and 3600 comments on Billson’s Facebook page. "This marks a pivotal milestone for us of which we are truly grateful," they said. "The restructure will allow us to refocus on what we love most: the Beechworth venue experience, our range of traditional flavours and the sites pristine alpine spring water."

Billson's asset sale to finalise in coming weeks

Ned Kelly Discovery Hub celebrated double silver at 2025 Victorian Tourism Awards

Valley wineries serve up a taste of the sweet life

Music to our ears

There's music, music everywhere

Tourism event funding program opens to support 2026 events

Rufous Whistler – arrival of a summer songbird

Bombers go back-to-back in A grade

“No stone unturned” – Police committed to the long-haul in manhunt

Start your engines, Wilby Drags are back

Most popular stories