Nant Distillery terminates Agreements with Australian Whisky Holdings
The Nant Group advises Australian Whisky Holdings Limited (AWY) has failed to secure the Nant Distillery business which principally comprise of the distillery plant and equipment, Nant trade marks, intellectual property and barrels. The Nant group continues to manage the Nant barrel management company and has terminated the barrel management agreement with AWH.
History. The Nant Group and AWY entered into the Transaction Implementation Agreement (TIA) on or about 13 October 2016 with the initial intention that the parties would satisfy completion of the conditions by 15 December 2016. The date for completion had been extended until the 22nd February at which point the Nant Group advised they could no longer accept the request for continual extensions sought by AWH and did not believe the sale conditions were in the best interest of the barrel owners, investors and the Nant Group at large.
Australian Whisky Holdings Ltd has purchased the land only where the distillery is located.
No other purchases or rights have been extended to Australian Whisky Holdings Ltd. Australian Whisky Holdings can only reference the name “Nant” in relation to the Land’s name they purchased. The word “Nant”, “Nant Whisky” are trade marked to the Nant Distillery business.
The Nant group is currently securing a new Bond Store Facility and all plant and equipment and barrels will be moved to the new location shortly. An Audit of Barrels will shortly commence to ensure AWY correctly managed the assets whilst they had the management agreement in place. The assets and barrels will then be moved in accordance with Government excise regulations to an approved bond store. The Nant group will commence producing the same registered trade marked products immediately and begin redemption of barrels from investors.