Konvoy Holdings Pty Limited has entered receivership, with sale and recapitalisation proceedings now underway, following an appointment by secured creditor EQT Structured Finance Services Pty Ltd.
Keith Crawford and Robert Smith of McGrathNicol were appointed Receivers and Managers for Konvoy and its Australian subsidiaries, with Keith Crawford and Andrew Grenfell also appointed Receivers for Konvoy’s New Zealand subsidiary.
This follows the appointment of Chris Hill, Joseph Hansell, and Paul Harlond of FTI Consulting as Voluntary Administrators for Konvoy, and Joseph Hansell and David McGrath of FTI Consulting as Voluntary Administrators for Konvoy NZ.
Konvoy, a leading keg rental and technology-enabled keg fleet management business in Australasia, will continue to operate as usual under the control of the Receivers.
The Receivers are working to ensure minimal disruption to employees, customers and suppliers, while progressing with the sale and recapitalisation process for Konvoy Kegs.
As part of the process, Wade Rushton-Clarke, the previous CEO of Konvoy Kegs, has left the business, making the following announcement on LinkedIn:
“Two weeks ago, my role as CEO – Australia and New Zealand at Konvoy sadly came to an end. I am incredibly proud of the Australian and New Zealand team I had the privilege of working with over the past 2.5 years. We achieved so much together:
- Achieved significant market share and growth over just two years.
- Turned around the ANZ business into a highly profitable and successful operation.
- Advocated for the beer market during challenging times.
- Built exceptional customer relationships, leading to high retention rates.
- Established a strong network of supply partners.
- Developed a highly capable and driven team.
“Mentally, leaving a loved role and team is difficult for anyone. But while this chapter closes, I remain deeply grateful for the journey—the experiences, the challenges, and most importantly, the incredible team I worked alongside.”
As part of the receivership proceedings, the Receivers will be launching a formal sale and/or recapitalisation process for Konvoy Kegs.
Story by Deborah Jackson, originally published on theshout.com.au.
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