Another popular company collapses less than 10 years after its founding
- Australia-owned SodaKING goes bankrupt
- Competitor of popular SodaStream
Less than ten years after its foundation, a sparkling water company has gone under.
SodaKing, an Australian competitor of global sparkling water giant SodaStream, has been placed in receivership.
Based in Mulgrave, Victoria, the company allowed users to buy a gas bottle for $39 to make fizzy drinks.
Once used, these could be exchanged for a new cylinder for $19 at participating newsagents and supermarkets.
SodaKing, an Australian competitor of global sparkling water giant SodaStream, has been placed under receivership
Based in Mulgrave, Victoria, the company allowed users to buy $39 canisters of gas to make fizzy drinks
SodaKING describes itself as an ‘Australian company selling high quality sparkling water machines, Australian made flavours, eco-friendly reusable bottles and gas cylinders that are convenient and easily interchangeable’.
It was registered in 2014 and has offered $9 million worth of shares.
SodaKING Australia and SodaKING IPV have gone into receivership, with Barry Wight and Glenn Spooner of restructuring consultancy Cor Cordis taking over the management of the company, according to The Australian.
“We continue to trade the company as we urgently seek parties to acquire or recapitalize Soda King,” the managers said in a statement.
Along with the gas bottles needed for carbonation, SodaKING produces the full range of products including beverage dispensers, plastic bottles and flavors.
Daily Mail Australia has approached SodaKING and its appointed trustees for comment.
It is the latest in a long line of brands going bankrupt.
Milk brand Made by Cow, which was sold in Coles and Woolworths, announced last week that it had gone bankrupt.
The company said it was a victim of the uncertain economic climate, including rising interest rates and inflation, plus supply chain issues.
Chief executive Wade Porter said it was with “a heavy heart” that he announced that the company would be “closing its doors.”
Customers could trade in their used gas cylinders for $19 at participating newsagents and supermarkets
“We are proud of our incredible journey and of creating a truly innovative product that has been enjoyed by thousands of loyal customers,” he said.
We’ve had a strong track record in recent years, with growth of more than 50 percent on an annual basis.’
“In this climate of uncertainty, rising interest rates and inflation, the company has faced economic uncertainty and supply chain challenges.”
A 1.5 liter bottle of the company’s “Jersey Milk” recently sold for $7.95, the most expensive milk on the market.
The range also included full cream and lactose-free milk.
Made by Cow said the decision to halt production was made with a heavy heart.
“Our morning coffee will never be the same, but it sure has been good while it lasted,” Mr Porter’s statement ended.