The New Zealand-owned restaurant group likely traded while insolvent, according to a new report.
The group behind under-administration Botswana Butchery restaurants in Sydney, Melbourne and Canberra owes creditors $4.5 million, according to a report dissecting one of the largest hospitality shake-outs of 2024.
The financial stakes of the restaurant industry are laid bare in a report to creditors by the administrators. Details include unpaid “taxation accounts” across the group totalling $3.52 million; employee entitlements exceeding $500,000; and creditor debts including $1.81 million in unpaid rent, although the administrators note that will be partially offset by security bonds.
The New Zealand-owned steakhouse entered voluntary administration in early April with the appointment of administrators Duncan Clubb and Andrew Sallway, from accounting firm BDO. The latest report to creditors – which also details $9.7 million in secured debt to the bank and $9 million in inter-company loans…