Singapore’s Proof & Co has entered its domestic distribution business into “provisional liquidation”.
A statement from the spirits distributor and hospitality group said the decision followed “a period of mounting challenges for the food and beverage and hospitality industry in Singapore, including the closure of some of the company’s longest-standing restaurant and bar customers.” The move affects only the Singapore distribution business, with Proof & Co’s operations in Hong Kong and New Zealand continuing unaffected.
The “provisional liquidation” will be overseen by Ng Kian Kiat and Goh Wee Teck of RSM SG Corporate Advisory, who will work with stakeholders, management and creditors to assess options. Proof & Co’s 28 HongKong Street cocktail bar in Singapore and its consultancy arm, Proof Creative, will also remain in operation.
Global Drinks Intel has enquired about the number of jobs that will be affected by the move.
Proof & Co, which was founded in 2012, also entered its Australian business into voluntary administration three months ago, following an “extended downturn” in the country. The subsidiary handled Australian brands such as Husk Distillers’ Husk Rum and Ink Gin, and Everleigh Bottling Co.’s bottled cocktail range.
In May, Heineken partnered with SSP Group, a food and beverage outlets operator in travel locations, to set up two bars at Singapore Changi Airport.
