Ex-Olympian bankrupt as restaurant chain collapses
A former Olympian, hospitality baron and sports manager has been declared bankrupt.
Mark Keddell, a 200m sprinter who competed in the 1996 Atlanta Olympic Games and former owner of several restaurants and bars including Wagamama and Matterhorn, was made bankrupt on October 3 in Auckland. Keddell is currently in the United States as the manager of heavyweight boxer Junior Fa who fights former Olympic boxer American Devin Vargas later this month.
Keddell owned the Wagamama chain in New Zealand before its liquidation in August, owing $1.8 million to secured and preferential creditors including Inland Revenue and ANZ, and just over $3m to unsecured creditors. Keddell declined to comment for this story.
Kitchen equipment rental company SilverChef Rentals began liquidation proceedings in July, claiming $300,000 in debt.
The liquidators found Wagamama NZ owed $4.8m to secured and preferential creditors as well as unsecured creditors who included former staff and small businesses.
Liquidator Steven Khov, of KhovJones, said the bankruptcy meant the liquidators would no longer be pursuing Keddell for the debt. Khov said liquidators were told the failure of the business was ‘‘due to an unsustainable business model and several restaurant sites that performed below expectations’’.
The Wagamama restaurant chain was founded in 1992 in Britain and has 150 stores in 24 countries.
Launched here in April 2005, there were seven Wagamama restaurants nationwide at its peak.
Wagamama Metropolis, Christchurch, Newmarket and Northwest were closed by the end of 2018.
Wagamama New Lynn, Sylvia Park and Wellington were closed during the first half of this year.
The New Lynn restaurant was owned by a third party.
In July, a former staff member took Keddell to the Employment Relations Authority after being told he was no longer needed as assistant manager when the Newmarket store closed and staff were transferred to Sylvia Park. Atul Rai was told he was still under the 90-day trial period, however, the authority found this was not the case and awarded Rai $16,648.
Wellington staff also accused the company of wage theft after the chain went into liquidation.
The general manager of the Wellington restaurant, Soraya Edwards, said staff were collectively owed $50,000 in lost wages, holiday pay and bonuses. Edwards said staff at the Wellington store were given little notice they were being made redundant. They were subsequently offered $30,000 by Wagamama in Britain as a goodwill gesture.
Keddell’s other businesses, including Matterhorn in Wellington and Auckland, The White Rabbit in Auckland and Snapdragon were all closed before the demise of Wagamama.