Sans Drinks will be bought out of administration by an online retailer
Non-alcoholic specialty beverages retailer Sans Drinks, which was recently placed in administration, will live on after being bought by another online business.
Non-alcoholic specialty beverages retailer Sans Drinks, which was placed in administration last month, has been saved from collapse by fellow online retailer Just Wines.
The company’s creditors’ this week voted in favour of a deed of company arrangement which involves secured and employee creditors being paid in full and unsecured creditors being paid 48c in the dollar over the next three months.
Voluntary administrator Andrew Spring from Jirsch Sutherland said the result was “a great example of the benefit of voluntary administration as a business rescue process”.
“The VA process moves quickly, which enables administrators to focus on the best solution to preserve value for creditors, which is the case with Sans Drinks,” he said on Thursday.
“With Sans Drinks, the VA has resulted in the strengthening of the business through a trade sale and provided for a significantly improved outcome for all creditors, as opposed to if the business had been liquidated.”
Sans Drinks founder Irene Falcone will stay involved with the business in a marketing and strategy role.
Just Wines’ founder Nitesh Bhatia said Sans Drinks was “an excellent addition to the Just Wines platform.
“There are great synergies between the two brands and we’re looking forward to working with Irene to take Sans Drinks to the next level,” he said.
“This is a great fit. Irene has vast experience in marketing and promotion, and Just Wines has a strong track record in administration, operations, and managing the supply chain.
“And as the non-alcoholic sector is a real growth area, this will enable Sans Drinks, which is already the number one retailer in this segment, to grow at a much faster pace.
“We’re looking forward to advising the customers of both brands about this exciting development.”
Ms Falcone launched the business in early 2020 in response to a perceived gap in the market for a dedicated supplier of non-alcoholic adult beverages.
The company opened a bricks and mortar store in Sydney’s Freshwater however this closed earlier this year, with Sans Drinks moving to an online-only model
Ms Falcone previously launched natural cosmetics firm Nourished Life in 2012 which she sold to BWX for $20m in 2017.
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