Singaporean hospitality group Tipsy Collective recently compensated over 100 employees affected by delays in salary payments, thanks to fresh investor funding from four shareholders. The company settled all outstanding salaries and CPF contributions by December 2024, stabilizing the business with undisclosed funds injected by the shareholders.
Tipsy Collective, established in 2019, operates several restaurants and bars in Singapore and Kuala Lumpur, including popular brands like Tipsy Unicorn and Tipsy Flamingo. Despite facing legal disputes and financial challenges leading to the closure of some outlets, the company reassigned affected employees to remaining locations.
The shareholders who provided the new funding, including Steady Property Trading, Novus International Enterprises, White Rock Asia Resources, and Tora Widjaja, collectively hold 59.39% of the company’s shares. Other shareholders, including co-founder David Gan and former COO Reuben Low, did not contribute to the funds.
In August, co-founder David Gan filed a lawsuit against several parties for breaching a shareholders’ agreement and attempting to take control of the company. The legal disputes resulted in a management change in November 2024, with Gan being dismissed as CEO. The company’s new management, led by chairman Reino Ramaputra Barack, is working to stabilize operations amidst inherited challenges.
Tipsy Collective aims to rebuild confidence with partners and suppliers while closing underperforming outlets to navigate the transitional period ahead. The company seeks continued support from the community, partners, and patrons as they work to turn things around.
For more information about Tipsy Collective and other Singaporean startups, visit their website.
Source link
