In the same week Boozebud entered voluntary administration, Kaddy Group followed suit, announcing the appointment of Wexted Advisers as voluntary administrators late last week.
The three administrators have been appointed to assess all entities within the Kaddy Group, including Kaddy Marketplace, Kaddy Fulfilment, Wine Delivery Australia and Wine Depot Holdings.
In an announcement earlier in the week, the administrators are undertaking an “urgent assessment” of the business with a view to selling or recapitalisation via a Deed of Company Arrangement (DOCA) as soon as possible.
“The Administrators intend to work with management, employees, suppliers and customers to stabilise operations and seek the best outcome for the business,” said the statement to the ASX.
Kaddy was launched in 2019 by Mike Abbott and Rich Coombes, high school and university friends who designed a B2B platform allowing wholesale beverage businesses to order, pay and trade in one spot.
The idea developed into three service divisions – Kaddy Marketplace, Kaddy Fulfilment and Kaddy Community, all complementary services that come together to create an end-to-end supply chain solution for businesses to connect with buyers, simplify operations, streamline payments and fulfil trade orders.
In 2021 Digital Wine Ventures (DW8) founded by Dean Taylor acquired Parton Wine Distribution, Wine Delivery Australia and then Kaddy Marketplace. In early 2022, DW8 changed all operations were re-branded to Kaddy.
After two weeks of initial assessments, the first meeting with creditors will take place on Tuesday, May 16. All creditors will be contacted with a meeting notice by Wexted Advisers in the coming days.
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