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

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

Loading...

Inside Retail Polls

Myer's new chief executive
Is John King the right CEO to lead Myer's turnaround?

Twitter

What does customer experience best practice mean to Heather McIlvaine - one of the Retailer Awards 2019 judges? Wat… https://t.co/SjeKOa9t04

6 hours ago

H&M’s second-largest brand, COS, opens its first Queensland store at the Wintergarden shopping centre in Brisbane. https://t.co/ai2QRW7Ufh

9 hours ago

The new 68,000 sqm distribution centre will replace the current DC in Kidman Park upon completion in mid-2020. https://t.co/tftcd3MJZ9

12 hours ago
x

SUBSCRIBE
FREE NEWS BRIEFS Get breaking news delivered