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There was a collective gasp – and no little sadness – around the craft beer world when, earlier this year, word spread that Temple had gone into voluntary liquidation. The East Brunswick based brewery had developed a great reputation based on brewer Ron Feruglio’s beers and had been planning to expand distribution across Australia. So it was a shock to hear that the business had stopped operating and that the owners were locked out of the building they’d only opened in December 2011.
Then, a few weeks ago, amid rumours that there had been 50 or more parties interested in buying the business from the liquidators, word reached The Crafty Pint that the Feruglio’s bid to buy their brewery back – which had been their intention from day one – was likely to be the successful one. And today we’re delighted to announce that, with new partners on board, the couple have succeeded and formed a new company that will trade once again as Temple Brewing Company. All matters were settled with the liquidators last week, which allowed them – and the main partner in the new operation, Nick Pang – to meet with us today and announce that they’re back and have big plans for the future.
“It’s a massive sense of relief,” says Ron. “It’s been very hard to weather 16 weeks of uncertainty. It’s been a long process and has taken its toll on everyone.”
The months of turmoil stemmed from a disagreement between the Feruglios and their former business partner. They had been introduced to Nick, who was interested in investing in the company and helping them embark on significant expansion, but their original partner was set against this and, after weeks of intransigence, the Feruglios had no option but to go into voluntary liquidation with the intention to try to buy back in with a new business formed with Nick. This opened them up to the risk that they could be outbid, although once it became clear that they hoped to return, a number of potential buyers walked away to allow them a freer run.
“We really rolled the dice big time,” says Ron.
Thankfully for them, when the result was announced, their offer was successful. Now they are back in the brewery on Weston Street and beginning to piece the business back together, assisted by the fact that their entire staff has stayed with them and also that Nick, formerly of PricewaterhouseCoopers, will take over much of the business and financial side of the operation, leaving Ron to brew and Renata to focus on branding.
Click to See More: https://craftypint.com/news/672/Rebuilding_The_Temple