Investors hit hard by Billy’s

A CAIRNS investor who lost $300,000 when Billy’s Place and Billy’s Fields went belly-up is considering the merits of a civil case against parent company Funky Food Group.

In December liquidators were appointed in the Victorian Supreme Court to recover money owed by the failed company.

Cairns-based employees and suppliers are yet to receive money owing since liquidators Hamilton Murphy began selling company assets last year, according to out-of-pocket investor Tony Maddock.

“Funky Food Group owes millions of dollars,” he said.

Landlord of Melbourne restaurants Felix Pakravan was listed as the plaintiff in the Supreme Court winding up hearing and has since filed an application in the Victorian civil court against the group.

In Cairns four other shareholders of the defunct company are owed up to $800,000 Mr Maddock said.

“We looked at this opportunity and though it was good proposition and had a plan to manage it ... Cairns Central should have been a very good business .... ”

Italian cafe Tosca’s occupied the Cairns Central site successfully for 20 years before Billy’s Place took over in August last year.

“We thought if you were to put something refreshed and revamped you might do better than they (Tosca’s) did,” he said. “With the knowledge the shareholders have got it’s been out of our control ...”

Mr Maddock is considering civil action against the company and a submission to the Australian Securities and Investments Commission.

The Funky Food Group and Hamilton Murphy have been contacted for comment.