Economic pressures force Noosa cocktail bar and deli into liquidation
Due to cost of living and inflation pressures, a Noosa cocktail bar and deli is the latest venue to close on the Sunshine Coast.
Baxter’s Bar and Deli will close with an estimated $50,000 debt.
Venue owners Beach Brothers Pty Ltd have brought Vincents liquidator Nick Combis.
“The many businesses in the hospitality industry which have recently failed, including (the) struggling hospitality industry in general, (are impacted by) the current economic climate causing discretionary spend to reduce significantly and increased business costs (electricity, wages, raw materials etc),” Combis said.
Combis was called in on June 3, 2024 shortly after the venue closed. He will work with founding directors, David Howard and James Westley, who remained in those roles until the company entered liquidation.
According to Australian Securities and Investments Commission (ASIC) documents the company first opened on Gibson Rd, Noosaville in September 2022.
The early stages of the liquidation has uncovered approximately $50,000 in debts owed to creditors.
“At this stage creditors are estimated around $50,000 but it is early and this amount may well rise,” Combis said.
An ASIC report showed the Australian Taxation Office is owed a debt of approximately $27,000, while other creditors are Noosa-based hospitality businesses.
Another to have fallen to cost pressures in the region is Sandbar Cafe and Kiosk in Caloundra, which failed to cope with rising rent and reduced consumer spending.
Jonathan Jackson, 26th June 2024
