Revealed: The staggering amount of money owed by cricket great Brett Lee’s failed beer company – and Glenn McGrath’s cancer charity is on the creditors list
The brewing company owned by former Australian fast bowler Brett Lee is understood to owe its creditors almost $10million.
Sydney Beer Co, which was established in 2016, went into administration earlier this month after the company had attempted to expand into the US market.
According to documents filed to the Australian Securities and Investments Commission (ASIC) Sydney Beer Co had experienced financial difficulties and subsequently collapsed due to difficult trading environments.
Sydney Beer Co had raised $6m in order to fund the expansion but has reportedly been left with a staggering amount of debt of $9.76m.
According to documents filed in the Australian Securities and Investments Commission, that debt is spread across 64 creditors and $1.3m is owed to the tax office.
Meanwhile, Sydney Beer Co is said to owe Lee’s former team-mate Glenn McGrath’s charity, the Jane McGrath Foundation, $33,000. The charitable organisation provides expert nursing care and support to people who have been diagnosed with cancer and their families.
Brett Lee co-owned the Sydney Beer Co, established in 2016, with writer and actor Matt Nable
The company cited a difficult trading environment in documents submitted to ASIC when it was placed under administration on Friday
An organisation owned by the beer company’s chairman David Catterrall is also understood to be due $6.2m as part of a related party loan.
In Australia, the Sydney Beer Co is stocked in bottle stores such as Dan Murphy’s BWS and other major retailers.
But after the company’s beer sales plummeted, RSM Australia partners Richard Stone and Brett Lord have been appointed administrators.
Speaking on the matter, Mr Lord stated that the company may not have enough assets at this moment to repay all 64 of its creditors.
‘In the liquidation process there is unlikely to be sufficient assets realisations available to pay to any class of creditor in full,’ he said.
‘The administrators will continue with further investigations on affairs of the company.’
The cost of living crisis has had a huge impact on the alcohol industry. Many Australians have less disposable income and are not as willing to spend on booze.
Prime Minister Anthony Albanese last month announced that the Australian government would be freezing increases to taxes on draught beer and beer served from a keg.
Brett Lee (pictured with Lana Anderson at the Australian Open) took 310 wickets for Australia across 76 Tests
Lee, meanwhile, took 310 wickets for Australia across 76 Test matches for the Baggy Greens.
Following the announcement that the company would be going into administration, the Sydney Beer Co wrote on their website: ‘We’ve been fuelled by a belief that our iconic city deserved a locally owned premium lager as an alternative to the mainstream Asian and European brands that dominate the market.
’With a dynamic team behind the scenes and high profile owners and stakeholders, Sydney Beer Co has brought a product to market that is loved by all.’
