BWX

Zoe Foster Blake sold a controlling stake in her cult skincare company for $89 million in 2021. Now, the company is searching for a new owner.

Go-To does not utilise any BWX manufacturing or development capabilities and proudly supports its retail partners via its sales and retailer management team out of Sydney.” Now, the company is searching for a new owner. However, the company revealed it had been actively looking for a buyer for Go-To to take over its shareholding and the sale process would continue outside of the administration. “In light of recent communications from the company’s lender, the company’s board is considering how to best protect the interests of the company and the group as a whole in the absence of an agreed refinancing,” the company said. The collapse came after it lost the support of its bank with Commonwealth Bank declining to extend the terms of its loan with BWX for a fifth time. The cosmetics brand is searching for a buyer for Go-To, which it owns a 50.1 per cent controlling stake, after Ms Foster Blake sold it to the company in 2021 for $89 million.

The Commonwealth Bank appointed receivers to the collapsed BWX business on Tuesday morning, potentially jeopardising Zoe Foster Blake's attempt to buy back ...

“The directors believe entering voluntary administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability. BWX paid $89 million for its Go-To shares in December 2021. Go-To has been approached for comment. Sources involved with the group, who were not authorised to speak of the matter, confirmed that CBA had appointed receivers from KPMG to recover its $100 million secured loan. Foster Blake and her management team have the option of selling the remainder of their shares to BWX for $59.2 million cash as early as next year. BWX had been in the process of organising the sale of assets, including its 50.1 per cent stake in Go-To, with a group led by Foster Blake, one of two parties bidding for the assets.

Administrators for collapsed cosmetics group BWX will continue a search for a new owner for Go-To, the skincare brand founded by Zoë Foster Blake, after the ASX-listed group called in external managers on Monday evening. The BWX board informed the ...

As part of the acquisition deal in 2021, the founder, along with other investors, can choose to sell their remaining 49.9% stake to BWX from next year. According to reports, BWX has been in breach of debt covenants since November and was attempting to refinance loans with Commonwealth Bank. [collapsed in March](https://www.smartcompany.com.au/industries/retail/purely-byron-elsa-pataky-bwx-voluntary-administration/). The interim results showed revenue fell by 18.4% to $79.7 million. [Adore Beauty's has become the subject of a heated debate in the media, with the ABC's Media Watch and the Australian Financial Review on opposite sides.](https://www.smartcompany.com.au/finance/adore-beauty-plunging-stock-price-media-watch-afr/) Trading in BWX shares will remain suspended during the administration process, and the company will continue to operate on a “business-as-usual” basis. “The directors believe entering voluntary administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability,” the company said in a statement. The administrators intend to continue this sales process,” said BWX in a statement. BWX had already been seeking a buyer for Go-To, which is run independently from the wider BWX group, and this process will continue under the management of administrators. In February, BWX reported a $100.8 million loss for the six months to December 31, compared to a $5.4 million loss in the previous six months period. Eco-focused platforms [Flora & Fauna](https://www.smartcompany.com.au/industries/retail/ethical-e-commerce-platform-flora-faun-aquired-bwx/) and [Nourished Life](https://www.smartcompany.com.au/entrepreneurs/influencers-profiles/irene-falcone-turned-100-small-online-blog-20-million-natural-beauty-retailer-nourished-life/) also form part of the BWX portfolio of brands. On Monday, it became clear these discussions were not successful and trading in BWX shares was suspended while the future of the company was decided.

BWX collapsed yesterday as Commonwealth Bank ceased to support the cosmetics group and its operations entered voluntary administration.

However the CBA has chosen to not extend it’s waiver. “In light of recent communications from the company’s lender, the Company’s board is considering how to best protect the interests of the company and the group as a whole in the absence of an agreed refinancing,” said BWX. “In light of recent communications from the company’s lender, the company’s board is considering how to best protect the interests of the company and the group as a whole in the absence of an agreed refinancing,” said BWX in a statement to the ASX. The suspension of channel stuffing and the resulting cash constraints, had put BWX on the brink of collapse before billionaire Andrew Forrest saved the group in July of last year. Go-To is in a unique position, as an option enables Foster-Blake and other investors to elect to sell their 49 per cent stake to BWX for $59.2 million cash as early as next year. “Until there is material certainty that the refinancing can be completed or the company can otherwise continue as a going concern, the board has formed the view that a suspension of the company’s shares is appropriate,” said BWX.

Kate Warwick, Joe Hansell and Kelly Trenfield of management consulting firm FTI Consulting have been appointed administrators, effective immediately. They ...

Its shares will be suspended during the administration period. Wellness and beauty retailer BWX’s Australian operations have been placed in voluntary administration as the company struggles to combat inventory and working capital issues. In an ASX statement, the company said a “range of issues have continued to impact the Australian operations of BWX – including customer destocking and inventory and working capital issues” – necessitating the appointment of administrators.

Challenged cosmetics group BWX has called in administrators, while Zoë Foster Blake's Go-To skincare continues its search for a new owner.

As part of the acquisition deal in 2021, the founder, along with other investors, can choose to sell their remaining 49.9% stake to BWX from next year. According to reports, BWX has been in breach of debt covenants since November and was attempting to refinance loans with Commonwealth Bank. [collapsed in March](https://www.smartcompany.com.au/industries/retail/purely-byron-elsa-pataky-bwx-voluntary-administration/). The interim results showed revenue fell by 18.4% to $79.7 million. [Adore Beauty's has become the subject of a heated debate in the media, with the ABC's Media Watch and the Australian Financial Review on opposite sides.](https://www.smartcompany.com.au/finance/adore-beauty-plunging-stock-price-media-watch-afr/) Trading in BWX shares will remain suspended during the administration process, and the company will continue to operate on a “business-as-usual” basis. “The directors believe entering voluntary administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability,” the company said in a statement. The administrators intend to continue this sales process,” said BWX in a statement. BWX had already been seeking a buyer for Go-To, which is run independently from the wider BWX group, and this process will continue under the management of administrators. In February, BWX reported a $100.8 million loss for the six months to December 31, compared to a $5.4 million loss in the previous six months period. Eco-focused platforms [Flora & Fauna](https://www.smartcompany.com.au/industries/retail/ethical-e-commerce-platform-flora-faun-aquired-bwx/) and [Nourished Life](https://www.smartcompany.com.au/entrepreneurs/influencers-profiles/irene-falcone-turned-100-small-online-blog-20-million-natural-beauty-retailer-nourished-life/) also form part of the BWX portfolio of brands. On Monday, it became clear these discussions were not successful and trading in BWX shares was suspended while the future of the company was decided.

Kate Warwick, Joe Hansell and Kelly Trenfield of management consulting firm FTI Consulting have been appointed administrators, effective immediately. They ...

Its shares will be suspended during the administration period. Wellness and beauty retailer BWX’s Australian operations have been placed in voluntary administration as the company struggles to combat inventory and working capital issues. In an ASX statement, the company said a “range of issues have continued to impact the Australian operations of BWX – including customer destocking and inventory and working capital issues” – necessitating the appointment of administrators.

FTI Consulting has taken over as administrators of the company, though its operations outside Australia are not affected. BWX has ownership stakes in several ...

[BWX owned 47.4 per cent of Purely Byron](https://www.9news.com.au/national/elsa-pataky-purely-byron-skincare-administration/475d647d-e179-4eae-810e-35601d228293), which collapsed less than a year after it was launched. [Elsa Pataky's Purely Byron, went into administration](https://www.9news.com.au/national/elsa-pataky-purely-byron-skincare-administration/475d647d-e179-4eae-810e-35601d228293). ['Appalling choices': Aussies facing $924 hit](https://www.9news.com.au/national/interest-rate-update-rba-meets-to-decide-on-hike/0f137d58-faba-479e-ace7-90a71833c339) [Zoe Foster-Blake's popular Go-To skincare company](https://www.9news.com.au/national/zoe-foster-blake-tga-advertising-code-criticism-sunscreen/2114171f-61c9-4fd4-bab1-43498555c6d0). [Sign up here](https://9.nine.com.au/Z8tJCf)to receive our daily newsletters and breaking news alerts, sent straight to your inbox. [Major beauty and wellness company BWX](https://www.9news.com.au/national/zoe-foster-blake-tga-advertising-code-criticism-sunscreen/2114171f-61c9-4fd4-bab1-43498555c6d0)has been placed into voluntary administration, effective immediately.

The woes of beaten-up ASX share BWX Ltd (ASX: BWX) look set to continue after the company entered voluntary administration.

BWX shares last traded at a share price of 20 cents each. At that share price, BWX had a However, it was also confirmed that the company’s directors are attempting to find a buyer for BWX’s 50.1% stake in Go-To. We’ll just have to wait and see what the company says and does next. The Directors believe entering Voluntary Administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability. BWX shares last traded on the share market back on 23 March, almost two weeks ago.

Its corporate carnage with a touch of elegance as a long list of movers and shakers get burned by their association with collapsed cosmetics company BWX.

CBA gave BWX a long lead over several months to allow a new management and board to engineer its own financial recovery. Her consortium sold a 50.1 per cent stake in Go-To to BWX for a staggeringly rich price of almost $90 million. Instead, BWX’s stake in Go-To will be put up for sale. Aesop, which has been sold to L’Oréal, is a case study in careful brand management, measured expansion and forensic focus – becoming the largest luxury brand acquisition of an Australian founded business. She retained an option to sell her remaining 49.9 per cent shareholding to BWX next year for a hefty $59.2 million. He isn’t the only one.

BWX was placed into voluntary admission this week, with the company falling into receivership the next day. On March 23, BWX halted trading on the ASX, ...

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