Zumbo falls into administration

zumboCelebrity chef Adriano Zumbo’s dessert empire will continue trading while under voluntary administration, the group’s administrator says.

DW Advisory principals Justin Holzman and Anthony Elkerton were appointed voluntary administrators on July 22 to manage three of Mr Zumbo’s businesses.

The three companies employ about 130 people and operate five patisseries in NSW and three in Victoria.

“We’re still continuing to trade as normal (and) we are hopeful that there will be a restructure by way of a deed of company arrangement,” Mr Holzman told AAP on Thursday.

“That’s something we are investigating over the course of the next two weeks and we will be providing creditors with a further report in two weeks’ time.”

It is understood the businesses owe millions to creditors.

The list of entities owed money include “a large secure creditor”, the Australian Taxation Office and a number of suppliers, trade creditors and landlords as well as employees with entitlements owing, Mr Holzman said.

A creditor’s meeting will be held in three weeks.

Mr Zumbo’s management said they would not be commenting on the matter.

AAP

Comments

Comment Manually

Inside Retail Polls

What were the biggest challenges during the 2019 holiday period?
Vote

Twitter

The Iconic is offering customers pre-paid postage labels to send old clothes in good condition to charity, rather t… https://t.co/49zjMkOGOH

2 hours ago

After Kaufland's shock exit from the Australian market, the question on everyone's lips is why? Here's what indust… https://t.co/MpDbXargpD

4 hours ago

NSW-based party retailer The Party People plans to open two to four large-format pop-ups across the country this year. #retail #ausbiz

1 day ago