Club Rose Bay in sydney’s eastern suburb has entered into voluntary administration.
According to Australian Securities and Investments Commission documents, the long-standing RSL club appointed Hugh Armenis and Jason Lloyd Porter of SV Partners as administrators on 15 August, before a first meeting with creditors was held on 27 August.
Despite this, the club went ahead with the grand opening of its Italian bistro Villagio on 29 August, before the doors to the club were shut 24 hours later.
“The administrators were continuing to trade the club in an attempt to explore possible scenarios for its future,” SV Partners told Club Management.
“Trading on through the administration period is a fairly common occurrence, as administrators look to explore opportunities to salvage the business.”
However, a “major change” occurred when Simon Cathro and Andrew Blundell of advisory and insolvency firm Cathro & Partners were appointed receivers by a secured creditor, and consequently took control of the club’s assets.
“The receivers closed the club and terminated all staff,” SV Partners said. Approximately, 20 staff were employed by the club on a casual basis.
Co-owner of Villagio Simon…
