Cowabunga craft beer maker calls liquidators in latest brewer setback
An Auckland beer brewing business founded this decade by a teacher is the latest in the sector to fail.
Cowabunga Breweries, which called itself “bangin”, has gone into liquidation, with the accountant in charge expecting no losses.
The Morningside-based brewer owned by and directed by teacher Stuart Nicol is now in the hands of Waterstone’s Damien Grant and Adam Botterill.
They are yet to issue their first report.
Cowabunga made liquorice allsorts, hazy, surf sip, a bodacious session IPA and bubble gum sour beers.
Grant said yesterday: “They should have succeeded”.
“How can you not want to drink a beer called Cowabunga? I mean, Bart Simpson, come on.”
The business had creditors, yet assets were greater than liabilities, Grant said of initial investigations. “This is an orderly wind-up. “They had a crack at creating a craft brewery.
“It’s a crowded market. “They were unable to make a go of it. We’ve been asked to look after this. From our investigations, we are confident that no creditors will lose any money.”
That is what capitalism is all about, he said: “They went for it, but it wasn’t to be.”
He indicated Nichol planned to return to teaching.
In 2021, the Herald reported how Cowabunga was the new brewery on the block.
Header brewer Nicol said the business had started up this decade in Morningside and had a 300l brew kit.
“All the brewers have never heard of us so they’ve been coming in and trying stuff which is really cool,” he said at the time.
They used a 90s surf-skate aesthetic to brand their American-style beer, with their New Zealand IPA being the favourite at the time.
The brand featured at New Zealand’s Beervana festival in 2021. Around 16,000 visitors were expected at that Wellington event.
The brewer said: “Cowabunga is one of Auckland’s newest breweries”.
“We aim to provide you with exciting and innovative brews that you won’t find anywhere else, while still offering all the classics you love.
“We love the way good beer can bring people together. Visit us at our taproom and come be part of the Cowabunga community.”
It also said: “Rumour has it they burned down the auditorium at the last school and had to move states”.
“Proudly situated on the Auckland Craft Beer Mile in Morningside, we’re here to turn heads and throw some rad new beers into the mix.
“Check our our range and ask for us where all good beers are sold.”
It offered people The Tapping Room, a shared brew bar in Morningside.
Many craft beer businesses have failed lately.
In October, the Herald reported that a homegrown brewer had found itself in financial trouble after a horror few months for the sector.
Deep Creek described itself as a company with origins as a small brewery in 2011 in Browns Bay on Auckland’s North Shore.
But Deep Creek Brewing operations is now in liquidation, and a product failure in a huge shipment to China has been blamed.
In August, voluntary administrators were appointed to Auckland craft brewer and wholesaler Brothers Beer.
PwC’s Stephen White and John Fisk were appointed to the group’s three entities on Monday and said they hoped to be in a position to put a “credible” restructuring proposal to creditors.