Apart from the essential research and planning elements of any start-up operation, clear focus has been concentrated on acquiring sufficient funding to finance the creation and evolution of the business to support its planned and anticipated expansion.
 

Founding investors Philip and Donna Ridyard provided all initial funding and carried the risk from March 31, 2003, prior to the introduction of external private investors who bought into the business at a valuation of $1million in September 2004.

A board of directors was formed on November 17, 2004, comprising two non-executive and two executive directors. The board, now comprising two non-executive directors and managing director Philip Ridyard, continues to manage the business with a focus on building value for shareholders.

Former finance director and company secretary Martin Crees-Morris resigned from the board in October, 2005, but remains a significant shareholder.

In February 2005 the company's name changed from The Tamar Distillery Pty. Ltd. to Strait Brands Pty. Ltd. and the creation of Strait Drinks P/L and Strait Fine Food Pty. Ltd. provided a corporate re-structure that would best manage the fine food and beverage portfolio..

Following further external advice, the business was, at that stage, valued at $4.2million. The board believed it would need to raise a further $1.5m to fund growth activities of an expanded group enabling the business to take advantage of commercial opportunities as they presented themselves.

There are a number of Tasmanian fine food and beverage brands that present excellent opportunties for Strait Brands, while also offering an exit strategy for their existing owners.

Strong cash flow from the spirits and liqueurs business will underpin these acquisitions and assist their future growth.

A subsequent independent appraisal of the business in July 2006, following the start of trading in April 2006, valued Strait Brands at $11.3million, discounted 60 per cent.