After 13 years, Proof & Company Spirits, the Singapore-based distribution arm of independent spirits company Proof & Company, is shutting down after 13 years of operation. The company attributed the closure to the adverse impact on the food and beverage scene.
“The decision follows a period of mounting challenges for the F&B and hospitality industry in Singapore, including the closure of some of the company’s longest-standing restaurant and bar customers,” the company said in a statement.
Proof & Company Spirits had an annual turnover of $7 million in Singapore and $34 million globally. It has been supplying over 50 types of independent spirits in Singapore and the Asia-Pacific region. In the recent past, Singapore has seen a growing number of F&B closures. A total of 3,047 establishments shut their doors in 2024, the highest figure since 3,352 closures in 2005. At the same time, over 3,790 new food businesses opened in 2024.
Proof & Company Spirits said its cocktail bar 28 Hong Kong Street will continue operations. Its consultancy arm, Proof Creative, will also continue to operate independently from its Hong Kong office. Proof Creative is behind award-winning bars in the region, such as Atlas and Manhattan in Singapore, BKK Social Club in Bangkok, and Argo in Hong Kong. Proof & Company operates in four markets – Singapore, Australia, Hong Kong and New Zealand.