Flow Beverage Placed in Receivership After Failed Sale Attempts

Flow Beverage Corp. (TSX:FLOW) and related entities were placed into receivership on September 4, 2025, by order of the Ontario Superior Court of Justice on application by secured creditors RI Flow and NFS Leasing Canada, together owed approximately C$71 million.

Founded in Toronto and best known for its Flow Alkaline Spring Water packaged in Tetra Pak cartons, Flow also provides co-packing services for other beverage producers. The company operates an Aurora, Ontario facility with a daily capacity of 500,000 cartons, sources water from a spring in Bruce County, and employs approximately 137 people.

The receivership followed three unsuccessful sale processes since 2023, as deteriorating financial results, a high cost structure, and strained vendor relationships eroded investor interest. The loss of supplier credit from Tetra Pak, combined with supply shortages and the departure of founder and CEO Nicholas Reichenbach, accelerated the company’s decline. By late summer 2025, liquidity was exhausted, leaving Flow unable to sustain operations.

To preserve value, the lenders agreed on a support plan that will see them foreclose on the business through the receivership, with the goal of maintaining the company as a going concern and protecting employment. The receiver is expected to assess options for stabilizing operations while implementing the foreclosure strategy.

Richter is the receiver. Miller Thomson LLP is counsel to the applicants, Stikeman Elliott LLP is counsel to the debtors, Gowling WLG is representing the receiver, and Thornton Grout Finnigan LLP is advising Beatbox Beverages.