SYDNEY: The Directors of Criniti Restaurant Group at a meeting held on 18 November 2019 appointed Mr Graeme Beattie, Mr Aaron Lucan and Mr Christopher Darin, partners of Worrells Solvency and Forensic Accountants NSW & ACT, as Administrators of the companies.
First established in Sydney’s Parramatta in 2003, the Criniti Group (“Criniti’s”) today comprises 40 companies involved in the operation of 13 venues at locations in Sydney, Melbourne, Perth and Brisbane under the Criniti’s Italian restaurants moniker.
Mr Beattie said: “Criniti’s is a well-known, well-liked chain, but like all hospitality businesses carries high overheads and is susceptible to any weakening in retail spending. With some locations in the group doing better than others, our first priority will be the preservation of value by identifying and closing the poorer performers, of which we expect there to be several.
“These will be difficult, regrettable but necessary decisions made solely because we don’t believe the group as a whole can trade indefinitely while a buyer is found or some other solution is reached, perhaps via a Deed of Company Arrangement”.
Employees were informed of the decision to wind-up the companies at staff meetings held on premises this morning, with the majority of restaurants scheduled to re-open at 11am for lunchtime trading.
“There is never a good way to deliver this kind of news and we understand the shock, disappointment and trepidation felt by Criniti’s loyal staff”, said Mr Beattie.
“While of little consolation to affected employees, by acting quickly to stem losses we are giving remaining employees a better prospect of ongoing work and all creditors a greater chance of being paid”.
Regarding customer pre-payments in the form of gift certificates or similar, Worrells is evaluating these liabilities and will communicate with affected customers very shortly.
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