Moa Group has sold its namesake craft beer brand Moa Brewing Company for $1.9 million.
According to a statement released by Moa Group, the brewing company will be sold at the end of this month to Mallbeca Limited, a company associated with current CEO Stephen Smith and his family interests.
The sale is on “a debt and cash free basis.”
Moa Group says the brewery’s future had been under discussion for the past six months – the company posted a loss in the year to the end of March, and hasn’t turned a profit since listing in late 2012.
“The board, with the support of management, has concluded that the best outcome for shareholders is to allocate capital and management attention to the areas of the business with the greatest growth and earnings potential,” said Moa Group in a statement.
Group chair Geoff Ross said the decision to sell the craft-beer side of the company had been difficult, but was the best outcome for shareholders.
“The commitment of our shareholders to Moa Brewing since listing in 2012 has been unwavering. We were able to be a true disrupter in the market, and the board continue to be proud of the position that Moa holds in the craft beer sector,” he said.
Following the sale, Moa Group will change its name to Savor Limited and will focus on “continuing the development and expansion of its successful hospitality group.”
Savor founder Lucien Law will take over as Managing Director and Chief Executive Officer across all operations of the Group from 1 March 2021, Geoff Ross will relinquish his executive role and remain as Chairman.
“Now with a single focus we will move on exciting opportunities for strategic growth through new concepts, both refreshing existing spaces and adding new ones to deliver the best experience for our customers,” says Law.
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