‘Numerous losses’: CBD eatery shuts down
THERE'S been more churn in the restaurant scene overlooking Brisbane's Post Office Square.
The health-focused THR1VE eatery has closed its doors in the CBD, one of nine outlets in the chain, which has also ceased trading in Sydney and Melbourne.
Brisbane native Joshua Sparks, a paleo diet devotee who launched the group six years ago, has brought in two bean counters from KordaMentha as voluntary administrators.
One of these gents, Rahul Goyal, told City Beat yesterday that the retail arm of the business, THR1VE Collective, had suffered "numerous losses'' in the past few years and the drain had become unsustainable.
He couldn't say yet how much is owing to creditors or how many parties are chasing debts.
But Goyal noted that two other trading entities in the THR1VE empire, the wholesale arm and the direct-to-customer meal business, are still up and running.
Indeed, Luke Baylis and his gang at rival SumoSalad have signed a heads of agreement to explore a possible merger with what remains of THR1VE.
About 150 employees across the retail group have lost their jobs but they are expected to get a full pay out before Christmas. Creditors meet for the first time on December 19.
BLUE SKY BACKING
WHILE Sparks has decamped to Sydney's northern beaches, it turns out he got a big chunk of his funding from Brisbane.
Yep, a division of now-decimated Blue Sky Alternative Investments tipped in $10 million last year to fire up THR1VE's home delivery efforts and Sparks' exercise and diet program.
Blue Sky's venture capital arm also coughed up $2.5 million in 2015 to help drive store growth. That was back in the day when Blue Sky founder Mark Sowerby still ran the show.
Since then, of course, it's all gone pear-shaped. Following a short-selling assault in March, Blue Sky's share price nosedived and it suffered an $85 million net loss in the last financial year.
Speaking of Blue Sky, it announced the appoint-ment of three new indepen-dent directors yester-day as part of an uphill battle to regain investor confidence.
Legal eagles Cheryl Edwardes and Robert Kaye will join financial services bizoid John McDonald in the non-executive roles.
Brisbane property tycoon Kevin Seymour discovered an unwelcome wrench yesterday messing up the gears of his pre-Christmas billing efforts.
It turns out scammers hacked in to the account of his Seymour Group and sent out bogus "invoices'' to just about everyone on the database.
That prompted Seymour's long-time PA Sue Burns to hastily bash out an email warning to clients that the group had just been "spammed''.
"Please do not open any emails from Kevin Seymour with an invoice attachment,'' Burns wrote.
"We are working the (sic) rectify the situation. Please accept our sincere apologies.''
THERE probably won't be a smoking ceremony but the bean counters at EY's Brisbane headquarters will be going native in a big way this afternoon.
EY state boss Alison de Groot and her troops plan to unveil new Aboriginal names in the Turrbal language for all of their 19 meeting rooms on scenic level 51 of their 111 Eagle Street offices.
Traditional dance and song will also welcome the shiny new plaques as partners, staff, clients and members of the indigenous community take it all in. A memorandum of understanding will be signed too.
The "Bama Gala'' event, we are told, is part of EY's effort to promote lofty goals such as collaboration, empowerment and "cultural competence''.
But will that result in more jobs for our first people? EY says it already has indigenous employees across the country, including the Brisbane office, "where we have a large contingent from our Indigenous Practice Sector''.