Famous celebrity pastry chef Adriano Zumboâs businesses are reportedly facing a $10 million debt to creditors after three of his sweets-serving companies have entered voluntary administration.
The companies, 611 Pty Ltd, Mel611 Pty Ltd and Iâm So Fancy Pty Ltd had administrators DW Advisory appointed on July 22. The first two companies operate eight Zumbo confectionery and pastry shops, where the last company was behind a tea room that reportedly shut down a year ago.
According to the companyâs website, Zumbo operates just eight stores across melbourne and sydney.
Administrator Justin Holzman told SmartCompany the stores will continue to trade throughout the administration process, and at this point it was too early to determine the reason for the companiesâ collapse.
âWe have been investigating the affairs of the companies and we will be reporting to creditors in two weeks as to the outcome of the investigationâ, he says.
âWe are hopeful of there being a restructuring proposal by way of a deed of company arrangement that we intend to provide to creditors in late-August.â
Fairfax reports creditors were told at a creditor meeting yesterday the companies had an outstanding debt of around $10 million, however,…
