Founders First will adopt Mighty Craft name to reflect business strategy

Founders First Ltd (ASX:FFL) shareholders approved a change in the company’s name to Mighty Craft at the annual general meeting on Wednesday. The company’s board believes the new name will create greater alignment with its business strategy and reset and re‐establish market perceptions to better reflect the company’s proposed future operations. Positioning as leader in sector FFL CEO Mark Haysman said Mighty Craft was the company’s industry-facing identity and encapsulated the vision, purpose and strategic direction of the business. “Our proposal to change our name to Mighty Craft positions the company as a leader in the independent craft beverage sector and is a better representation of what the business stands for and what it is aiming to achieve. “The management team has consulted across a broad range of stakeholders including employees, partners and customers and the feedback was consistent that Mighty Craft is the right choice to take the business forward.” Change in code Following the shareholder approval, the company will now lodge an application with ASIC to alter the details of the company’s registration status to reflect the change. Upon the receipt of ASIC approval, the company’s ASX code will change to ‘MCL’. New distribution model The company recently signed an agreement with Bevchain Pty Ltd to operate a national logistics network that will manage cold store warehousing and transport across the country targeting craft beer. A wholly-owned subsidiary of Linfox, Bevchain is a leading beverage logistics partner in Australia and New Zealand providing warehousing and distribution services. The network will go live this month and will provide a single cold store warehousing and distribution network for all Founders First products. Working as partners Haysman said: “This agreement is a significant step in our journey. There is currently no national cold chain craft logistics solution in the country. “To have the leading industry player in Bevchain building the infrastructure and providing Founders First with preferred supply services is a big endorsement of our model and future potential. “We have significant plans to expand this further in time to potentially provide an efficient and effective industry solution for Independent Craft through leveraging the Mighty Craft platform and Bevchain’s infrastructure.” The agreement also includes a Letter of Intent (LOI) for Bevchain and Founders First to work as partners to expand the network in time to potentially provide an industry solution for Independent Craft. About Bevchain Bevchain provides a tailored supply chain solution for the beverage industry with warehouse and distribution services across Australia and New Zealand. It handles more than 2.5 billion serving units annually through 25,000 delivery points. Bevchain president Misha Shliapnikoff said: “Bevchain is a specialist in the warehousing and distribution of alcoholic beverages, with a national cold chain network that is trusted by leading suppliers of beer, wine and spirits across Australia and New Zealand. “We see this opportunity as a long-term partnership in which Bevchain can support Founders First and Mighty Craft with logistics infrastructure and expertise, underpinned by our strong commitment to safe and efficient supply chain operations. “The partnership unlocks a new distribution model for Founders First which will significantly simplify the business, drive cost out and enable ‘one Order, one Invoice, one Delivery’.