Liquidators take over Sweeney brewer
The big-talking bluster of Paddy Sweeney was punctured in the Christchurch High Court this week.
When interviewed a few weeks ago the Queenslander assured NBR ONLINE that a $234,000 debt to Inland Revenue was being dealt with.
Indeed, he expounded on his expansion plans into the North Island.
He scotched the notion that West Coast Brewery would reappear on the civil list, as it did this week.
Justice Warwick Gendall disallowed a plea to again adjourn the liquidation petition against West Coat Brewery.
West Coat Brewery is a subsidiary of Westcoast Brewing, also owner of West Coast Bar & Grill in Christchurch, which is unaffected.
The liquidators continue to trade the brewery, which supplies the Christchurch outlet and other customers.
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Comments and questions11
The writing has been on the wall for years about this joint.
Tragically as a shareholder we have been subjected to letter after letter effectively begging for more money for the last God knows how many years. Even last week there was a final plea
Always accompanied by a spiel blaming everyone else for the problems whether it be staff(usually - there was always a newly appointed administrator who was cleaning up the previous one's mess) , accountants, lawyers, the IRD or whoever.
Its a lesson in branding.
Monteiths has a romantic, rugged, craft, West Coast feel to it while Sweeney's seemed too hokey, a wannabe, a bit fake and too much Sweeney attached to it.
Also Monteiths has a better product, love the Black
i believe this is a tragedy , the head brewer at the brewery does an amazing job. the beer is great
The loss of Green Fern is a loss of good beverage.
A shame for NZ and it's investors. Better management maybe, however this was a Kiwi having a crack. I hate these posts, so only post if you have money involved like myself.
These posts are public domain pal.
Yes, a Kiwi havibg a crack. I was keen to support the IPO myself.
However, the company seemed to be enticing potential investors mainly on emotion: from the prospectus- 'all shareholders will be treated to an annual party, locked up in a room and allowed to drink all the beer you can for a day'. Check the fine print in the prospectus - all disputes were to be referred to an 'independent' arbitrer, who turned out to be Paddy Sweeny the CEO. Wasn't a good look, and though the heart said invest, on checking with a friend who has some knowlegde in these matters, I skippedthe offer.
By all means, we should support Kiwis who are giving it a go, but please do your homework before putting hard earned money into similar offerings.
Hardly a Kiwi having a go anyway
Sweeney has lived in Queensland for years and seemed to be providing jobs for a fair few of his family and hangers on as well as a great beer drinking lifestyle for himself.
I wrote off my investment years ago though it was $10k plus - it was worth it to slump down in the chair and tell the wife 'I've just brought a brewery'
The staff (dave and team)that work at the brewery are all great people. I feel for them.'they will be the worst hit by all of this.
The fact that the liquidators have kept the business open shows they think it can still turn a profit. The beers are great. I don't think this is the end of the brewery by a long shot.
Does anyone have any more information about what is happening at the brewery? Does this mean that shareholders have lost all of their money?