Top Shelf International (TSI) has entered administration less than a week after its shareholders approved a $10 million capital raise.

Rob Smith and Matthew Hutton, partners of McGrathNicol, have been appointed as TSI’s administrators and intend to continue to trade on a business as usual basis while options for a going concern sale or recapitalisation are explored.

It is expected that the shares in TSI will continue to be suspended until further notice.

The embattled company launched the capital raise in July to fund business restructuring, operational expenditure and working capital as it attempted to finalise a third-party distribution deal with Amber Beverage Australia.

Under the terms of the deal, TSI was expected to retain ownership of its brands and oversee brand strategy and positioning; provide product supply and quality assurance; lead national marketing campaigns; and support promotional planning and pricing strategy.

It was hoped Amber Beverage would manage trade execution, customer relationships and route-to-market; oversee warehousing, logistics, and sales force operations; execute promotional plans and report performance regularly; and coordinate with TSI on new product introductions and range reviews.

TSI confirmed a strategic restructure in May following the successful completion of a capital raise and the sale of its Campbellfield facility to Idyll Wine for $8 million, which enabled the business to fully clear its outstanding obligations with the Australian Taxation Office.

The company noted that its co-pack arrangement with Idyll Wine Co was delivering significant savings alongside
award-winning spirits distillation.

CEO Trent Fraser stepped down as CEO in May, with Board Chair Julian Davidson appointed Acting Executive Chairman.

Davidson said at the time: “It is very pleasing to see the restructuring projects starting to take effect and deliver long-term sustainable benefits to the company.

“Alongside the critically important restructuring, the underlying business continues to lay down foundations for a successful transition to a 3rd party sales and marketing partner in Amber Beverages.

“This is evidenced in the recent awards received at the Australian International Spirit Awards 2025, where NED Australian Whisky’s premium Grand Reward expression was named Champion Victorian Spirit, our distillers and the Campbellfield site – now outsourced – was named the 2025 Champion Victorian distiller, and Act Of Treason Australian Agave Spirit received Gold Medals for all its expressions – Blanco, Reposado and Extra Aged – making it the most awarded Agave brand globally.

“We now extend our focus to recapitalising our balance sheet through a Convertible Note Capital Raise.”

The administrators intend to shortly commence a sale and recapitalisation process for the TSI Group. Interested
parties can contact James Millar from McGrathNicol at topshelf-sale@mcgrathnicol.com or on +61 3 9278 1016.