Sans Drinks, the Australian non-alcoholic drinks company that went into voluntary administration in July, will be sold to online retailer Just Wines.
Following the second creditors meeting held on 21 August, creditors resolved to accept the Deed of Company Arrangement (DOCA) proposal covering the business and assets of Sans Drinks.
In the next three months, secured and employee creditors will likely be paid in full, while unsecured creditors will receive an estimated 48 cents in the dollar.
In line with the agreement, Irene Falcone, Founder of Sans Drinks, will continue to participate in the marketing and strategy and nurturing the Sans Drinks community, which she said is “a real passion for me.”
Falcone added: “The decision to enter into the VA was a difficult one, and I’m incredibly grateful to the team at Jirsch Sutherland, who really guided me every step of the way. I’m thrilled that Sans Drinks is part of the Just Wines family and I’m looking forward to the next chapter for Sans Drinks.
Andrew Spring, Voluntary Administrator at Jirsch Sutherland, said the result is “a great example of the benefit of voluntary administration (VA) as a business rescue process.”
Spring added: “The VA process moves quickly, which enables administrators to focus on the best solution to preserve value for creditors…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.”
Nitesh Bhatia, Founder of Just Wines, said Sans Drinks is an excellent addition to the Just Wines platform as there is a synergy between the two brands.
“We’re looking forward to working with Irene to take Sans Drinks to the next level,” said Bhatia “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,” he said.