Top Shelf International Holdings Ltd (TSI) has finalized a binding agreement to sell its Campbellfield production facility to Idyll Wine Co Pty Ltd (IDL) for $8 million. The sale encompasses all operational and production assets at the Campbellfield site, including canning and bottling lines, the brewhouse, distillery, and a portion of excess bulk whisky inventory. Excluded from the transaction is the whisky maturation and warehouse facility in Somerton.
The proceeds from the sale will be directed towards covering transaction costs and significantly reducing the Company’s debt, particularly its outstanding ATO excise liability. As part of the agreement, Top Shelf intends to establish a co-packing arrangement with IDL to ensure continued production of its branded products following the sale’s completion.
Completion of the sale is anticipated in March 2025, pending the satisfaction of standard conditions, which include the novation or assignment of associated property leases and a property license. This strategic move aligns with Top Shelf’s focus on its core brand development and agave spirit operations in Queensland. The company’s agave farm and distillery in the Whitsundays region are designed for the production of Australia’s first agave spirit range, leveraging innovative agronomy and horticultural practices. This sale represents a strategic shift for Top Shelf, streamlining its production footprint and strengthening its financial position.
