The Australian company behind popular influencer-backed drink brand Prime is now in the hands of administrators.
Ruhe Group’s Alice Fay Ruhe took control of Congo Brands Australia on Tuesday.
The collapse comes amid mounting financial struggles, according to the Herald Sun.
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Its most recent financial report filed with the Australian Securities and Investments Commission showed the company suffered a net loss of $1.42 million in 2024, had $7.92 million in unpaid bills, and held $85,000 in cash.
A first creditors’ meeting has been pencilled in for Friday, July 17.
Melbourne-based Congo Brands Australia is the local business behind Prime, which burst onto the scene in 2022, backed by popular influencers Logan Paul and KSI.
The hype was huge, with Woolworths pulling the pin on an event involving the pair to promote the brand over fears officials would not be able to keep it under control.
Prime’s energy drink also attracted warnings from health experts over its high caffeine levels.
The move to call in administrators comes as Congo faces a wind-up application from packaging operation Orora, with the case scheduled for a hearing in the Federal Court on July 31.
Wind-up applications can be brought by creditors seeking to recover unpaid debts.
Congo Brands and Ruhe Group have been sought for comment.
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