South Australia buyer swoops on Criniti’s at 11th hour

A buyer has stepped in at the eleventh hour to save Italian empire Criniti’s just two days after liquidators announced it would be closing down for good with more than $16 million of debt.

South Australian hospitality group Brunelli’s has acquired the remaining seven Criniti’s franchises.

“It has been a difficult period for Criniti’s, but we are so pleased to announce that we are looking positively into the future to rebuild your favourite Italian, focusing on a more fine-dining experience,” Criniti’s management said on their Facebook page.

“Criniti Group has been taken over by South Australian restaurant giant, Brunelli Group (home of wood oven pizza) who has successfully been operating for the past decade.

“Due to the current COVID-19 situation, we will not be operating any of our restaurants keeping in mind the safety of our customers, staff and our community; however we will keep you all updated when this changes.

“We are confident that the Criniti’s brand will reach new heights under this new management and are excited to be back with a bang, as soon as it is safe to do so.

“Criniti’s will be back! See you all soon! Watch this space.”

Last week creditors voted to close the all remaining Criniti’s locations in NSW and Victoria after a buyer for the company reportedly withdrew a $6.1 million offer.

The restaurant chain owed $15 million to the ATO and more than a million dollars to assorted creditors including Qantas, solicitors Uther Webster & Evans, Afdigital and Wireless Edge Networks, according to administrators Worrells.

Sheridan Randall, 14^th April 2020