Beauty guru Zoë Foster-Blake fled Sydney with her husband Hamish Blake and their two young children when the Australian beauty company that owned her skincare brand Go-To collapsed.
The embattled entrepreneur, 42, revealed on Wednesday that she had taken her family to the New South Wales Southern Highlands for a trip to her childhood hometown of Bundanoon.
The author posted photos on Instagram of her family attending the annual Scottish-themed Brigadoon Festival in Bundanoon, as well as visiting Zoë’s quaint childhood home.
In her caption, Zoë explained that she was proud to introduce her son Sonny, eight, and daughter Rudy, five, to a piece of her past.
“Once a year, the town I grew up in (Bundanoon) goes tuutally Scottush (Brigadoon) and I thought it was about time my little ones saw the grandeur of this highland gathering,” the cosmetics queen wrote.
Beauty guru Zoë Foster-Blake, 42, has fled Sydney with her husband Hamish Blake and their two young children, a day after the Australian beauty company that owns her skincare brand Go-To collapsed. (Zoë is pictured in her childhood home on Wednesday)
“Can you believe they loved the haggis?!? Do not. They didn’t,” she added, referring to a popular Scotch pudding.
Zoë also included a childhood photo of herself taking part in a Brigadoon parade, wearing eye makeup.
“In the last photo, I’m leading the school contingent of the Brigadoon parade, circa 1989. I’m wearing winged eyeliner. Why?’ she wrote.
The embattled entrepreneur revealed on Wednesday that she had taken her family to the New South Wales Southern Highlands for a trip to her childhood hometown of Bundanoon. (Pictured: Hamish and their children Sonny, eight, and daughter Rudy, five, who attend Bundanoon)
Zoë also added this childhood photo of herself taking part in a Brigadoon parade, wearing eye makeup
In her caption, Zoë explained that she was proud to introduce her children to a piece of her past. (Pictured: A reveler at Brigadoon)
While Zoë was busy enjoying a relaxing getaway, the directors of cosmetics company BWX were busy finding a buyer for her Go-To brand.
BWX, a publicly traded company that owns labels like Sukin and a majority stake in Go-To, went into voluntary receivership Monday.
In an ASX statement released Tuesday, the company said it had appointed FTI Consulting as trustees, but Go To was being sold separately.
“The directors have been actively working to find a compatible buyer for BWX’s 50.1 percent stake in Go-To,” the statement said.
While Zoë was busy enjoying a relaxing getaway, the directors of cosmetics company BWX were busy finding a buyer for her Go-To brand. Zoë and Hamish pictured in November 2022
“The trustees intend to continue this sales process.”
BWX had breached debt covenants with its lender Commonwealth Bank since November.
The bank extended a waiver until March 31, but BWX announced Monday that a new refinancing deal with the CBA could not be reached.
Zoë founded Go To in 2014 and sold a majority stake in the company to BWX in 2021 in a multi-million dollar windfall
“In light of recent communications from the company’s lender, the company’s board is considering how best to protect the interests of the company and the group as a whole in the absence of an agreed refinancing,” the company said in a statement. to the ASX.
BWX suffered a $335 million loss in fiscal year 2022, when mining magnate Andrew Forrest stepped in to save the company.
The company insisted on Tuesday that Go To was a stand-alone and healthy company and they were confident in finding a buyer.
Zoë can exercise a put option included in the original deal to sell her remaining shares in Go To in 2024
“Go-To is managed and operated independently of BWX, with a completely separate treasury function and separate cash flow management, including accounts payable.”
It added that Go-To does not share manufacturing or development capabilities with BWX, and sales and retail partners were handled by its own team.
BWX purchased its majority stake in Go-To in 2021 for $89 million.
The original deal included an option to sell the remaining shares to BWX in 2024 for an estimated $59.2 million.
BWX said a “series of issues” had affected the company’s finances, including “reducing inventories, inventories and working capital issues.”
Zoë’s company distanced itself in an earlier statement from BWX
The company said earlier in June 2022 that it had ended its practice of “investment buying” which sells more inventory to retailers than is demanded.
Clearly, new cash flows became a problem for BWX as retailers lost their backup inventory.
Zoë’s company distanced itself in an earlier statement from BWX.
Go-To operates as an independent entity and manages its own treasury, formulations, production and relationships with retailers.
“We have an independent Sydney-based team led by our CEO, Brad Dransfield, and have no financial, manufacturing or supplier relationships with BWX.”
“The Go-To business is in a strong position with double-digit growth to date.”
Go-To was recently launched in Europe through the German cosmetics chain Douglas.
Go-To was recently launched in Europe through the German cosmetics chain Douglas. (Pictured are Go-To products)