FEST FLOP FALLOUT PART 1 GC restaurants, Lismore gym received festival company money

investment holdings australia 88 pty ltd: The company which formerly operated Milky Lane Surfers Paradise before going into liquidation in December 2021. Directed by festival co-founder Jonathan Eddings and Oli Fines-frost’s mother Karen Fines. The director’s report did not declare it owed the festival any money, however administrators found it owed $79,665. Loan is considered unrecoverable.

Lewis Invest Holdings Pty Ltd: Currently operates Milky Lane Surfers Paradise. Directed by Mr Eddings, who co-owns it with Mr Fines-frost, whose home address is listed as its principal place of business. Mr Fines-frost’s director’s report to administrators of The Grass is Greener said it owed the festival $79,655, but they found it owed $136,752. Loan is considered unrecoverable because of its “poor trading over the previous 18 months, trading at a loss for the entire 2022 financial year”.

Nam Bar Pty Ltd:

Company behind takeaway restaurant Naami at Burleigh Heads, directed by Oli Fines-frost and co-owned with Mr Eddings and another investor. Owes $78,624 to the festival. Loan is considered unrecoverable because the restaurant had “poor trading over the previous 18 months, trading at a loss for the entire 2022 financial year”, administrators found.

Tugun Beers Pty Ltd: Operates the Lucia Tapas Bar at Tugun, directed by Mr Frost, who co-owns it with Mr Eddings. Owes $411,733 to the festival, which is considered unrecoverable. Festival administrators found it had “poor trading over the previous 18 months, trading at a loss for the entire 2022 financial year” and that it was “still trading at a loss” so far in FY23.

Dynamite Holdings Pty Ltd: Operates an F45 gym in Lismore. Owes $53,000 to the festival company, which was not declared in Mr Frost’s report. Loan is considered unrecoverable as the gym has encountered “poor trading over the previous 18 months, maintaining a modest profit due to government grants in relation to the NSW floods”. Directed and co-owned by Mr Frost and Moreton Bay resident Tenzin Stark, who performs as DJ Tenzin. Mr Eddings is also a shareholder.

MAMAN Bar and Kitchen Pty Ltd:

Operates the restaurant of the same name in Burleigh Heads. It’s directed by Mr Frost’s mother Karen Fines. Shareholders include Mr Frost, Ms Fines and Ironman Matt Poole. Although Mr Frost’s report to administrators did not declare money owed to the festival by Maman, they found it owed $1437.