$3 MILLION LAST SUPPER AS EATERIES CLOSE
Three posh eateries in exclusive suburb abruptly shut down
UP to 40 people are out of work after the sudden closure of three well-known restaurants that were on the market for more than $1 million each. The company behind the eateries, Pacific Holdings Vanuatu Pty Ltd, will today face court to stop a wind-up application from the Australian Taxation Office. In January, noted businessman Randall McFie (above left), the partner of Pacific Holdings Vanuatu boss Jo-Anne Crestani, sold his Sovereign Island mansion for $3.3 million. Today we reveal the full story behind the restaurants’ fall.
A GOLD Coast company owned by the partner of a Queensland businessman will face court today to stop the Australian Taxation Office killing off three well-known restaurants.
The Hope Island eateries – New York New York, Manhattan on Hope and Tiffany’s Cafe and Cocktails – all closed their doors with no warning to staff on Monday, leaving up to 40 workers without a job and owed months of superannuation.
The restaurants were all on the market for more than $1 million each.
The Bulletin yesterday asked noted businessman Randall McFie, 64, if it could speak to the owner of the three restaurants. He said: “That’s me.”
The restaurants are owned by Pacific Holdings Vanuatu Pty Ltd. Its sole director is Mr McFie’s partner Jo-Anne Crestani.
The company’s registered address was to a mansion at Knightsbridge Parade, Sovereign Island, owned by Mr McFie. He sold it in January for $3.3 million.
Mr McFie was the project manager for his son Michael McFie when Surfers Paradise nightclub Melbas was being renovated in 2010, and came under fire after some contractors were not paid for the $2.5 million renovations.
The businessman was also involved in a venture which left a trail of debt in Townsville in the early 2000s after a large development project failed and contractors were not paid.
Mr McFie was photographed cleaning out the restaurants at the Hope Island Shopping Centre yesterday. He declined to speak further to the Bulletin.
A Federal Court hearing will take place today after the Australian Taxation Office lodged a winding-up application last month.
An ATO spokesman could not reveal why the company was being taken to court, citing privacy reasons.
It is understood staff of the three restaurants were paid their wages this week. They say superannuation payments are still outstanding.
Staff arrived at work on Monday to closed doors despite normal trading on Sunday night.
They were told to have the day off.
They found out at a staff meeting on Tuesday that they had lost their jobs.
Administrator Roland Robson, of Robson Cotter Insolvency, said the eateries closed due to a lack of business.
“The company hadn’t been trading well for quite a while like most businesses on the Gold Coast, particularly in the hospitality sector,” Mr Robson said.
Staff, some who moved to the Coast for their jobs, are now looking for work.
Manhattan on Hope opened last August after a refurbishment costing tens of thousands of dollars.
Mr Robson said the administration and closures were not related to the court hearing.
The amount the company owes creditors is not expected to be known for days.
“I have only been there since Monday dealing with staff and the premises,” Mr Robson said.
Staff were blindsided and not aware the business was in financial trouble.
A staff member said, in hindsight, there had been clues the restaurants were in trouble, including one supplier refusing to deliver to the cafe until outstanding invoices were paid.
One worker told the Bulletin Mr McFie and Ms Crestani ate frequently at the restaurants and racked up a “massive” bill on food and alcohol.
On the last night of trading, the pair were spotted dining at one of the eateries.
The three restaurants had been for sale for more than a $1 million each and a buyer was found for Manhattan on Hope.
Sources told the Bulletin the buyer pulled out after rumours began to circulate about its financial position.
The landlord Knight Frank yesterday posted a notice saying the premises had been secured and any inquiries were to go through them.
Knight Frank representative Linda Cobin declined to comment.
THE COMPANY HADN’T BEEN TRADING WELL FOR QUITE A WHILE LIKE MOST BUSINESSES ON THE GOLD COAST, PARTICULARLY IN THE HOSPITALITY SECTOR ADMINISTRATOR ROLAND ROBSON