Belgian-inspired chocolate cafe chain Oliver Brown is set to emerge from voluntary administration, after creditors of the company voted in favour of a Deed of Company Arrangement put forward by the company’s director.
Administrator Timothy Heesh of TPH Insolvency was appointed to the brand’s operating company Doutmost Pty Ltd in early May, casting doubt on the future of more than 50 Oliver Brown franchise stores.
However, the company announced on Monday that it is preparing to exit voluntary administration over the coming weeks with a renewed focus on making the brand “accessible to more Australians”.
The Oliver Brown stores all continued to trade throughout the voluntary administration, although two outlets, in Weatherill Park and sydney’s World Square, had separately been placed in liquidation and administration before TPH Insolvency’s appointment.
Oliver Brown had previously been placed in voluntary administration back in 2012, as a result of a dispute between shareholders of the business.
According to reports in June, the company entered voluntary administration this time around owing creditors $29 million, while company director Eric Song had reportedly contested a $5.1 million tax debt identified in…
