Tribe Breweries has gone into voluntary administration, with FTI Consulting assuming responsibility for the day-to-day running of the business.

FTI said in a media statement that it would “work with management and key stakeholders to determine options for a restructure of the companies”.

“We will conduct an independent assessment of the financial position of Tribe and seek to make a recommendation for the future of Tribe that is in the best interest of the creditors and stakeholders,” Christopher Hill from FTI Consulting said.

Tribe produces brands including Stockade Brew, Mornington Peninsula Brewery and Wilde. It also brews beer under contract for about 10 companies and operates from two sites at Marrickville in inner Sydney and at Goulburn in NSW, where it built a $35 million-plus brewery in 2019.

The first creditors meeting is scheduled for March 9.

Tribe CEO Amarto Basu said it had been a difficult decision “but one that we hope will help put Tribe onto a sustainable footing for the future.”

“Our priority is to our team, our customers and suppliers and to provide them with maximum support through this period.

“We have made great achievements since our inception in 2018. Tribe is home to the largest number of independent craft beers brewed in Australia.

“The Board has taken the view that the company’s financial structure and debts cannot support the business at a time of challenging trading conditions.

“After exploring a range of options, the directors believe this step will provide the best opportunity to protect the future of the business and the interests of employees and stakeholders.”

Tribe Breweries mainly produces canned beer, which make up about 70% of sales. Aluminium costs have jumped about 10 to 15% in the past year.

The announcement follows Queensland craft brewer Ballistic Beer Co entering voluntary administration in January.