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Rahul Goyal and Janna Robertson of KordaMentha Restructuring have been appointed Voluntary Administrators of Miss Chu Pty Limited and Miss Chu Manly Pty Limited (collectively known as ‘MissChu’).
Miss Chu operates six retail tuckshops and a catering business in New South Wales. The Melbourne and London MissChu businesses are not affected by the Voluntary Administration.
The Administrators have taken full control of the day-to-day operations of Miss Chu and are working with the management of Miss Chu to explore various options whilst continuing to operate the retail and catering businesses.
Mr Goyal said: “It is business as usual whilst we explore the various options including the going concern sale of the MissChu business”. He added: “The current plan is to offer the business as a going concern in the first quarter of 2015.”
MissChu began as a catering business in 2007 and has expanded into retail tuckshops in Sydney, Melbourne and London. MissChu is well known for serving freshly made Vietnamese food.
Mr Goyal said it appeared that the financial pressures of MissChu have been caused by the lack of controls over fixed costs in the business, the expansion of the retail tuckshops through trading and the closure of the Opera House premises without notice. Mr Goyal said that these will be investigated as part of the process.
MissChu currently employs approximately 190 people across the retail tuckshops, the commercial kitchen and head office. Employees are being advised of developments on a regular basis.
Mr Goyal said it was too early to fully determine the outcome of the voluntary administration. The immediate priority was to implement controls in the business, reduce the fixed costs and notify all stakeholders of the appointment of the voluntary administrators. The first meeting of creditors is scheduled to be held in Sydney on 7 January 2015.
Michael Smith – (03) 9440 9387 or 0411 055 306
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