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

I have read and agree to the Terms and Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Inside Retail Polls

Do you offer staff the opportunity to earn degrees/certifications while working at your business?
Vote

Twitter

Nominations for 2020 Retailer Awards are officially open! Tag retailers you believe provide exceptional customer ex… https://t.co/wkhQq3UjFE

6 days ago

Retail industry bodies including @OZretailers and @retailaustralia are calling on @QldGov to abandon plans to make… https://t.co/8u1zPN0CAg

1 week ago

At the @OZretailers national retail awards! Looking forward to see who takes what! #retail #nra #awards https://t.co/T9ZlkgQaFm

2 weeks ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered