Subscription craft gins startup Gintonica has been placed in voluntary administration, 5.5 years after its launch.
The drinks business, best known for its Australian craft gin Advent calendars, was put up for sale by founder David Box in early May, but last week he handed the keys and books to David Ross of Sydney firm I & R Advisory.
Startup Daily contacted the administrators for comment, but did not receive a response. A creditor’s meeting is scheduled for July 3.
The Gintonica website says it has suspended the processing of orders.
Box launched Gintonica from his garage in late 2017, and 12 months ago, raised $243,000 from more than 300 investors via the Birchal crowdfunding (CSF) platform. It
At the time of the CSF raise last June, he said sales were up 30% on the corresponding period in 2021. The business championed Australia’s burgeoning craft distillery industry, specialises in 30ml and 50ml bottles and also supplied contract filling and packing. He also expanded into Australian whisky packs with 33 different local spirits.
Gintonica founder David Box
In May Box put the business on the market saying he decided to focus the ongoing business on distillery services, under the name “Spirited Bottlers”, which included contract filling, capping and labelling bottles for distilleries.
The proposed sale included “a significant database” that may still hold value for the administrators as well as any remaining stock.
Box, the author of the definitive book on Australian gins, told Startup Daily that trading conditions, the world’s highest spirits excise tax and a downturn in online purchasing in general had all contributed to his decision to put Gintonica in administration.
“I am devastated, especially for our shareholders,” he said.
The collapse of Gintonica continues a difficult trading period for food and beverage startups, with online drinks retailer BoozeBud placed in voluntary administration in early May. Victorian alcohol delivery startup Hairydog bought the BoozeBud assets from the administrators late last month, for an undisclosed sum.
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