Zoe Foster Blake attempts Go-To buyback as CBA takes control of BWX

The Commonwealth Bank appointed receivers to the collapsed BWX business on Tuesday morning, as Zoe Foster Blake attempts to buyback control of her Go-To business for a fraction of the $89 million she was paid in 2021.

The ASX-listed cosmetics group appointed administrators on Monday evening over the Australian business.

BWX shareholders, including billionaire Andrew Forrest, will likely be wiped out by the collapse. Forrest’s investment group Tattarang acquired $36 million worth of shares less than a year ago, giving it a 19.9 per cent stake.

CBA appointed receivers from KPMG to recover its $100 million secured loan on Tuesday. The bank ensured BWX’s collapse when it declined to extend waivers on its debt covenants beyond Friday, March 31, and the company failed to find fresh backers.

In a statement to the ASX, BWX said KPMG Australia’s David Hardy, Gayle Dickerson, James Stewart and James Dampney have been appointed receivers over the Australian business and have taken over day-to-day control of the business.

This includes its Sukin, Andalou Natural and Mineral Fusion brands, but not Foster Blake’s Go-To or the US business.

KPMG’s Hardy said: “As receivers, our initial focus will be on stabilising the operations of these much-loved brands, before commencing an orderly sale process. We will be working with all stakeholders, including employees, suppliers, partners and customers, to maximise the outcome for all parties.”

The receivers said employee entitlements are not at risk and will be paid normally through the receivership process.

BWX had been in the process of organising the sale of assets, including its 50.1 per cent stake in Go-To, with a group led by Foster Blake, one of two parties bidding for the assets.