Popular Australian craft beer company Wayward Brewing Co. is on the brink of collapse.
The company’s owner, Peter Philip, revealed the brand, founded in 2012, is facing significant financial losses.
Wayward opened a brewery and taproom in the inner-west Sydney suburb of Camperdown in 2015 and has become popular among craft beer lovers.
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The brewery employs about 15 staff, serves meals, hosts live music and runs brewery tours.
The company entered administration on January 2, with Atle Crowe-Maxwell appointed administrator.
Philip, as sole director of Wayward, said the company has taken this step to deal with “financial losses”.
He cited declining consumer demand across the craft beer market, as well as significant increases in production costs, as contributing factors.
“The last few years have been an extremely challenging time across our industry and for the wider economy,” he said.
“However, we are confident that the restructuring will ensure the business is on firm footing, and we can look ahead with confidence.”
Wayward said they remain committed to maintaining a high standard of service and open communication with all stakeholders.
There will be no impact to ongoing production or distribution, and the brewery and taproom remain open.