Steakhouse chain Elements Bar & Grill in voluntary administration
Six businesses in NSW are the latest to go into administration, as the hospitality industry continues to be one of the hardest hit in the cost of living crisis.
The businesses which comprise the steakhouse chain Elements Bar & Grill and sister venue Elements Seafood Grillhouse went into voluntary administration on March 21.
The full list of businesses is: K & T Trading Pty Ltd (trading as Elements Bar & Grill Darlinghurst, Elements Bar And Grill Woolloomooloo Pty Ltd, Elements Bar & Grill Walsh Bay Pty Ltd, Elements Bar & Grill Haberfield Pty Ltd, Elements Bar & Grill Pyrmont Pty Ltd and Elements Holding Group Pty Ltd.
Owners and directors Tasso Konstantakos and Kazi Navid Haq appointed John McInerney and Philip Campbell-Wilson of Grant Thornton as administrators, with McInerney telling news.com.au: “The restaurants and shared head office will continue to trade during the voluntary administration period”.
In good news for staff, all of the approximately 180 staff, including full-time, part-time and casual employees across the companies continue to be employed.
Mr McInerney told news.com.au “preliminary review of the companies’ financial position by the administrators suggests the primary creditors are likely to be the tax office and related entities, although this is subject to further detailed investigation.”
He added that “the object of the voluntary administration is to attempt to preserve the value of the business and to provide the owners with an opportunity to consider a formal restructuring plan”.
A creditor’s meeting will be held on April 4.
Steaks at the venue aren’t cheap, selling for up to $189.
In 2022 Elements Bar & Grill at Pyrmont was awarded best new restaurant in NSW at the Restaurant and Catering Awards.
Other restaurants to go into administration recently are Mexican restaurant Checho’s in Penrith and three of Sydney restaurant chain, Bondi Pizza.
According to CreditorWatch Business Risk Index for February, hospitality insolvencies are up 53 per cent.
Jonathan Jackson, 27th March 2024
