Botswana Butchery owner Good Group Australia collapses with more than 200 jobs ... trends now
The parent company of several fine dining restaurants located in iconic Australian locations has collapsed with $23million of debt and more than 200 jobs at risk.
Good Group Australia, the owner of the high-end steak chain Botswana Butchery and several Asian venues, announced last month that it had entered voluntary administration.
The famous Botswana Butchery sold steaks for as high as $500 a piece across Sydney, Melbourne and Canberra restaurants.
Those three restaurants employ 200 staff, and all branches continue to operate.
However, three other major businesses under the group - White and Wong's in Sydney's Martin Place and Melbourne's Chadstone, and Wong Baby in Melbourne's Chapel St - have ceased trading.
Good Group Australia, the owner of high-end teak chain Botswana Butchery (pictured), entered voluntary administration last month
A report sent to creditors this week, obtained by News.com.au, revealed the group owed some $23million with Andrew Sallway and Duncan Clubb, from BDO Australia, appointed to oversee its seven businesses.
Good Group owe $9.7million to Commonwealth Bank in secured debt and $4.5million to other creditors, including landlords, suppliers and its employees.
Its debt to landlords alone stands at $1.81million. The landlord of the company's head office in Melbourne evicted the group over failure to pay rent.
The landlord is expected to recover some money through security bonds.
An additional $9.3million is owed in inter-company loans.
Good Group's cumulative debt to staff is one of its biggest bills at $523,804 from unpaid annual leave and long service leave entitlements.
Workers are also owed $92,000 in unpaid superannuation.
Other companies linked to Good Group lent it $9.3million in related party
