Former Boathouse owners leave suppliers livid as accusation of insolvency comes to light
As patrons sipped on champagne and ate their trendy meals at uber-trendy Boathouse chain of restaurants and cafes in Sydney, allegations of the company allegedly trading while insolvent came to light.
Company documents have revealed debt of $21,580,000 owing to at least 537 creditors and just $117 in the bank.
The companies in the chain that formerly ran eateries including Barrenjoey House, the Patonga Hotel and Boathouse Balmoral, wiped their debts by selling out to ten new companies on 22 July last year.
Nine of the ten companies were proven to have been trading while insolvent according to liquidators’ reports lodged with the Australian Securities and Investments Commission (ASIC).
Andrew and Pip Goldsmith, the couple behind Boathouse, continued to run the companies under new ownership. Andrew is managing director of the group and Pip (along with her brothers Jono and Ben Issac) is one of the new directors.
Peter Andrews of Haverick Meats, which is owed $113,317, was one of the group’s biggest suppliers. Andrews told The Daily Telegraph the companies had left a “trail of destruction”.
“They wanted the best suppliers to supply their prestigious group and this is the thanks we get? Basically they got new ownerships and have presented a happy face to the media and it is business as usual.
“Goodbye debts. How does this happen?”
Businesses that have been left out of pocket include milk, meat and seafood suppliers, cleaning companies and newsagents just to name a few. The Australian public has also been affected due to unpaid tax of $3,205,597.
A number of creditors are continuing to supply the Boathouse chain with goods and services to try and recover their losses.
Liquidator Richard Stone, said there is usually nothing left for creditors by the time companies go into liquidation and there is no law against directors of the old companies becoming directors of the companies they have taken over.
The Boathouse businesses were sold for an undisclosed sum.
The new owners’ companies took over all leases of the premises, the responsibility to pay wages and paid out over $1 million in owed superannuation to staff.
Irit Jackson, 4th August 2020
