Famous celebrity pastry chef Adriano Zumbos 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 Im 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 companys 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 th…
Read the full article at: https://www.smartcompany.com.au/business-advice/legal/adriano-zumbos-businesses-placed-into-voluntary-administration-with-debts-reportedly-as-high-as-10-million/