)
A company that once achieved Australia's largest-ever crowdsourced equity raise for an alcohol business has hit rock bottom after Swan Valley-based distillery Old Young's entered voluntary administration, casting serious doubts over a planned architectural and tourism drawcard that was dubbed a "Cathedral of Gin".
In December last year the award-winning distiller raised more than $1.36 million from 392 investors on the Birchal platform, reporting a pre-money valuation at the time of $37.52 million as it pressed ahead with plans for an ambitious venue designed by architects at Cumulus Studio.
This took its total crowdsourced equity funding to more than $4 million after a $2.7 million raise on the same platform in 2023, breaking records for both Western Australia and the drinks industry. Records with the corporate regulator show a total of $5.4 million was paid for shares in the group.
For the 2024 raise, Old Young's sought to entice investors with the added bonus of potentially winning a Grand Gin Masterclass experience, which founder James Young attributed as a driver of the strong result that received commitments of $1.15 million within around three days of opening.
The bold plans and the attractive prize for gin lovers sat side by side in the pitch with Young's comments around the challenges facing the industry. The founder claimed a "misguided excise remission scheme" had led to a proliferation of small distilleries, while revenues and cost bases were under pressure.
Even prior to the raise, Old Young's had needed needed to withdraw from plans for further East Coast expansion; still maintaining a presence in bottle shops around the country but redoubling efforts on its home turf. Such headwinds were made clear in the company's crowdfunding pitch.
Nine months on from the raise, Australian Distilling - which trades as Old Young’s, Juniper Society and Gingin Gin - has hit the wall, more than a decade after its 2014 establishment that would eventually garner the most prestigious accolades possible in the industry, including World Craft Producer and Brand Innovator of the Year at the Icons of Gin awards in 2023.
RSM Partners and National Directors Recovery and Restructuring, Greg Dudley, Phil Davie and Jerome Mohen were appointed as Voluntary Administrators on 9 September 2025.
"We have taken control of the operations of the Company and are undertaking an urgent assessment of its financial position to form a view regarding its future viability, and to provide the Company with the opportunity to restructure its business," says Mohen.
Mohen says the business will continue to trade ‘business as usual’ in the interim, and he understands it is the directors’ intention to work with his office to ultimately put forward a restructuring proposal.
He adds that a related business, Old Young’s Kitchen, which previously ran a restaurant and now hosts events including weddings, is operated by a separate, related company which is not under administration. He is advised by the directors of that company that this business will continue trading as usual, with all planned events to go ahead.
"We are working with our advisors to formulate a restructuring proposal that will provide the best outcome for creditors and ensures shareholders retain their shares as we exit administration, including those issued via previous crowdfunding campaigns," says founder James Young.
)
