Top Shelf International (ASX:TSI) et al. - Voluntary Administration

Top Shelf International (ASX:TSI) et al., a Victoria-based alcohol manufacturer, entered voluntary administration on 18 August.

Top Shelf’s current portfolio of brands includes NED Australian Whisky and Grainshaker Australian Vodka. It also recently launched its Act of Treason Australian Agave to market—a project which caused debt pressures to build for the company.

About a year ago, Top Shelf enlisted EY to assist it with a potential sale to reduce debt and free up capital. In January 2025, the company announced that it had entered into a binding term sheet for the sale of its plant and equipment at its Campbellfield production facility to Idyll Wine Co (IDL). At the same time, Top Shelf agreed a co-packing arrangement with IDL for the ongoing production of Top Shelf’s branded products.

When the sale closed in May 2025, the company announced that $3.2 million of the gross proceeds of $8 million had been applied to fully eliminate the company’s ATO excise liability, and that the remaining $4.8 million would be applied towards reducing other debts. The CEO announced his intention to resign in November shortly thereafter.

In July, Top Shelf launched a $10 million capital raise to fund the next steps of the company’s ongoing business restructure, with a view to re-listing on the ASX. At the time, the company stated that it was close to finalising a third-party distribution deal with Amber Beverage Australia, and that the co-packing arrangement with IDL was “delivering significant savings”.

Despite these efforts, Rob Smith and Matthew Hutton of McGrathNicol were appointed voluntary administrators on 18 August. They are exploring options for a going concern sale or recapitalisation while trading the business.