Pets Paradise group of companies placed into ReceivershipDOWNLOAD
31 July 2012: Deloitte Restructuring Services Partners Tim Norman, Sal Algeri and John Greig have been appointed as Receivers and Managers of a number of companies in the Pets Paradise and Billy Baxter's group of companies.
This follows the appointment of insolvency firm SellersMuldoonBenton as Joint and Several Administrators of a number of companies in the Group by the Group’s secured creditor pursuant to section 436C of the Corporations Act 2001.
Pets Paradise is a retailer and franchised network of pets and pet accessories businesses trading as Pets Paradise, Pet Goods Direct and Pets R Fun through over 20 related companies. There are a total of 62 stores across Victoria (19), NSW (19), ACT (2), Queensland (14), South Australia (4), Western Australia (3), and Tasmania (1).
Billy Baxter's is a cafe business, again consisting of both company owned and franchised stores.
Stores operated by franchisees are not in receivership.
The Group’s head office is in Hallam, Victoria. It has a workforce of 170 staff across its operations.
In taking control of the Group’s operations, Tim Norman said: “The Group’s financial distress has largely been caused by underperforming company operated stores and significant rental exposures from store closures over the last 18 months.”
“Both company owned and franchised stores will continue to trade as normal while an urgent assessment of the group’s financial position is undertaken”.
“A sale of the businesses will commence shortly.”
A creditors’ meeting will be convened by the Voluntary Administrators shortly, where they will outline their role and initial findings.
Customers of the Group who may be affected can contact:
Tel: +61 3 9671 7515
Creditors should contact the Voluntary Administrators, SellersMuldoonBenton:
Tel: +61 3 9600 2100.