Celebrity chef Adriano Zumbo's dessert group will continue trading, the group's administrator says.
DW Advisory principals Justin Holzman and Anthony Elkerton were appointed voluntary administrators on July 22 to manage three of Zumbo's business, including the eponymous patisserie.
"At this stage, it is too early to identify the primary causes of the Group’s current financial position, and this is subject to further investigations by the Administrators," DW Advisory's principals said in a statement sent to QSR Media.
They added that the Zumbo patisseries are expected to continue trading as normal during the administration period whilst the administrators consider possible "restructuring and realisation opportunities."
"The Administrators are currently working with all stakeholders including secured creditors, employees and suppliers," the statement added.
The three companies currently employ about 130 people and operate five patisseries in NSW and three in Victoria.
It is understood that a succeeding creditor's meeting will be held in three weeks.
Goodfood first reported about Zumbo's empire being placed in voluntary administration, and detailed the creditors' meeting where attendees were told that debts could reach as high as $10 million.
Zumbo has yet to issue a statement on the matter.
(Photo credit: Zumbo Patisserie Facebook page)
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