The company behind the popular Pinot & Picasso studios has collapsed into voluntary administration.
Veuve Ventures Pty Ltd, which owns seven Pinot & Picasso studios around Australia, had administrators appointed last Thursday.
The collapse has resulted in seven workers being made redundant across the studios.
The other 42 Pinot & Picasso franchises around Australia and New Zealand are not impacted by the administration.
The paint and sip studios boomed in recent years, allowing customers to be guided through an art course while enjoying a glass of wine.
The company behind the popular Pinot & Picasso studios has collapsed into voluntary administration
Sule Arnautovic from Salea Advisory has been appointed administrator and said there were 16 full-time and 41 casual staff working at the studios impacted.
Veuve Ventures directors attributed the collapse to ‘a reduction in discretionary consumer spending, as Australians and other customers look to tighten entertainment budgets’, Salea Advisory said.
Mr Arnautovic said he was moving as fast as possible to try and preserve the businesses and jobs.
‘For current franchisees and customers, I am aiming to reduce the impacts on business operations and ensure the companies’ business continues as consistently as possible through this period,’ he said.
The studios are continuing to trade while administrators look to sell or restructure the business.
The fate of the studios is expected to be decided later this year.
The first meeting for creditors will be held next week.
‘At this stage, it is too early to advise if there will be any dividend or distribution paid to the ordinary unsecured creditors of the companies,’ Mr Arnautovic said.
More to come
