Beauty guru Zoë Foster-Blake has fled Sydney with her husband Hamish Blake and their two young children as the Australian beauty company that owns her Go-To skincare brand collapsed.
The embattled entrepreneur, 42, revealed on Wednesday she had whisked her family away to the New South Wales Southern Highlands for a trip to her childhood hometown of Bundanoon.
Posting to Instagram, the author shared photos of her family attending Bundanoon’s annual Scottish-themed festival Brigadoon, as well as paying a visit to 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 slice of her past.
‘Once a year the town I grew up in (Bundanoon) goes tuutally Scottush (Brigadoon) and I thought it was time my wee ones saw the majesty 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 Go-To skincare brand collapsed. (Zoë is pictured at her childhood family home on Wednesday)
‘Can you believe they loved the haggis?!? Don’t. They didn’t,’ she added, referring to a popular Scottish pudding.
Zoë also included a childhood photo of herself participating in a Brigadoon parade, wearing eye makeup.
‘Last pic is me leading the school contingent of the Brigadoon parade, circa 1989. I am wearing winged eyeliner. Why?’ she wrote.
The embattled entrepreneur revealed on Wednesday that she’d whisked her family away 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, attending Bundanoon)
Zoë also included this childhood photo of herself participating in a Brigadoon parade, wearing eye makeup
In her caption, Zoë explained that she was proud to introduce her kids to a slice of her past. (Pictured: A reveler at Brigadoon)
As Zoë was busy enjoying a relaxing getaway, the directors of cosmetics business BWX were busy scrambling to find a buyer for her Go-To brand.
BWX, a publicly listed company that owns labels including Sukin and a controlling stake in Go-To, was placed into voluntary administration on Monday.
In an ASX statement released Tuesday, the company said it had appointed FTI Consulting as administrators, but that Go To was being sold off separately.
‘The directors have been actively working to find a compatible buyer for BWX’s 50.1 per cent shareholding in Go-To,’ the statement said.
As Zoë was busy enjoying a relaxing getaway, the directors of cosmetics business BWX were busy scrambling to find a buyer for her Go-To brand. Zoë and Hamish pictured in November 2022
‘The administrators 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 on Monday a new refinancing agreement with the CBA could not be achieved.
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 to best 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 losses of $335million in the 2022 financial year, when mining magnate Andrew Forrest stepped in to bail the company out.
The company on Tuesday insisted Go To was a self-contained and healthy business, and they were confident of finding a buyer.
Zoë can exercise a put option included in the initial deal to offload her remaining stock in Go To in 2024
‘Go-To is run and managed independent of BWX, with a wholly separate treasury function as well as separate cash flow management including accounts payable.’
It added Go-To does not share manufacturing or development capabilities with BWX, and sales and retail partners was handled by its own team.
BWX bought its controlling stake in Go-To for $89million in 2021.
The initial deal included an option for the remaining shares to be sold to BWX in 2024 for an estimated $59.2million.
BWX said a ‘range of issues’ had affected the company’s financials, including ‘destocking, inventory and working capital issues’.
Zoë’s company distanced itself from BWX in an earlier statement
The company previously said in June 2022 it had discontinued its practice of ‘investment buys’ in which more stock is sold to retailers than there is demand for.
It’s understood new cashflows for BWX became a problem as retailers offloaded their backed-up stock.
Zoë’s company distanced itself from BWX in an earlier statement.
‘Go-To operates as an independent entity, managing its own treasury, formulations, manufacturing and retailer relationships, ‘ the brand said.
‘We have an independent Sydney-based team led by our CEO, Brad Dransfield, and no financial, manufacturing or supplier affiliations with BWX.’
‘The Go-To business is in a strong position with year-to-date performance seeing double-digit growth.’
Go-To launched in Europe recently via the German cosmetic chain Douglas.
Go-To launched in Europe recently via the German cosmetic chain Douglas. (Pictured are Go-To products)