Collapsed Australian non-alcoholic drinks specialty store Sans Drinks has been acquired by online wine retailer, Just Wines.
In July, the company entered voluntary administration citing competitive pressures and softening sales.
On Monday, creditors resolved to accept the Deed of Company Arrangement (DOCA) proposal.
This means secured and employee creditors are likely to be paid in full while unsecured creditors are set to receive an estimated 48 cents in the dollar over the next three months.
Founder of Sans Drinks, Irene Falcone, will continue to participate in the business involved with marketing and strategy.
“The decision to enter into voluntary administration was a difficult one and I’m incredibly grateful to the team at Jirsch Sutherland, who really guided me every step of the way,” Falcone said.
“I’m thrilled that Sans Drinks is now part of the Just Wines family and I’m looking forward to the next chapter for Sans Drinks.”
Just Wines’ founder, Nitesh Bhatia, said Sans Drinks is an “excellent addition” to the Just Wines platform and added there are “great synergies” between the two brands.
“Irene has vast experience in marketing and promotion and Just Wines has a strong track record in administration, operations, and managing the supply chain.
“As the non-alcoholic sector is a real growth area, this will enable Sans Drinks – already the number one retailer in this segment – to grow at a much faster pace.”
Voluntary administrator Andrew Spring from insolvency specialist firm Jirsch Sutherland described the result as “a great example of the benefit of voluntary administration as a business rescue process”.
This story first appeared on our sister publication Inside Retail