Australian brewer Sydney Beer Co thrown a lifeline after creditors accept last-minute deal

Australian brewery Sydney Beer Co, which is co-owned by cricket legend Brett Lee and actor Matt Nable, has been saved from liquidation after creditors backed a last-ditch rescue deal.

Former Australian cricket star Brett Lee's beer company has been thrown a lifeline.

Former Australian cricket star Brett Lee’s failed booze brand has been thrown a lifeline after creditors backed a last-ditch rescue deal.

Sydney Beer Co, an Australian brewery known for its premium lager with its products sold in more than 350 venues and stocked by major retailers including Dan Murphy’s and BWS, collapsed into administration earlier this year owing more than $8m.

But in a last-ditch move, creditors opted to avoid tipping the company into liquidation and will instead take a deal to receive anywhere from 21c to 100c on the dollar.

The directors will now also be returned control of the company.

Lee was listed as a co-owner on the company’s website, alongside Australian actor and writer Matt Nable – best known for his work in films Killer Elite and Riddick and TV shows Mr Inbetween, Arrow and Legends of Tomorrow.

Administrators put total liabilities of the business at an estimated $8.5m, new documents lodged with the corporate regulator reveal.

Australian actor and writer Matt Nable. Picture: Sally Flegg

This included $1.1m owed to the tax office, $642,540 owed to 47 trade creditors and $6.2m in loans to the company’s parent company SBCO Op.

Employees were also listed as being owed more than $460,000 including $226,222 in wages, $134,028 in superannuation and $46,348 in annual leave.

Administrators, Brett Lord and Richard Stone of RSM Australia, said they had to stop trading the company upon their appointment due to an insufficient cashflow, resulting in the sacking of all staff.

The company was run out of Milsons Point on Sydney’s North Shore and employed 11 staff including two directors.

Mr Lord said in the months leading up to the administration, the company appointed an adviser and sought further capital investment to continue funding the business, but was unsuccessful.

Former Australian cricket star Brett Lee. Picture: Jake Nowakowski

Financial records show the company had increasing trading losses for four years prior to the administration, with gross profit plummeting from $474,045 in FY2021 to $123,781 year-to-date March 2025.

Mr Lord said the business revenue growth had stagnated during FY21 and FY22, leading to the founder and initial investors selling the company to SBCO Op in September 2022.

“With funding from SBCO Op the company implemented a revenue growth drive during FY23 and onward,” he said.

“Whilst revenues increased from this date forward, increases were insufficient to meet the additional costs of sales and operating expenses to achieve those revenues.”

Financial records show the company had increasing trading losses for four years prior to the administration. Picture: Sydney Beer Co

The administrator said the directors of the company attributed its failure to insufficient revenues and revenue growth as well as cost overruns and cost inflation over time.

The deal to creditors, submitted by parent company SBCO Op, saw employees paid out in full and unsecured creditors receive anywhere from 21c to 100c on the dollar.

The administrators recommended the creditors take the deal, saying unsecured creditors were likely to get back just 0c to 5c on the dollar if the company was tipped into liquidation.

SBCO Op will not receive a dividend for their $6.2m loan with the liability remaining ongoing.

The administrator said the directors of the company attributed its failure to insufficient revenues. Picture: Sydney Beer Co

The pool of money paid to creditors will comprise of the company’s assets, estimated to total $1.1m and a cash lump sum paid by SBCO Op of a minimum of $1m and up to $1.5m

Mr Lord said the amount paid by SBCO Op will be conditional on the outcome of a capital raising process currently being undertaken by the parent company.

Control of the company has now been reverted back to the directors.

Sydney Beer Co, which was founded in 2016, collapsed in early March, just months after announcing a $6m capital raise for its US expansion plans.

Lee was one of Australia’s premier fast bowlers, taking 310 wickets in 76 Test matches between 1999 and 2008.

Originally published as Australian brewer Sydney Beer Co thrown a lifeline after creditors accept last-minute deal