Monarch (2018) Limited - trading as Imbibe Bar and Restaurant - went into liquidation this year. Photo / George Novak
Monarch (2018) Limited - trading as Imbibe Bar and Restaurant - went into liquidation this year. Photo / George Novak
The future of the former Imbibe Bar and Restaurant site in Mount Maunganui remains unknown and more than half a million dollars could still be owed to creditors.
Monarch (2018) Limited - trading as Imbibe Bar and Restaurant - at 19 Girven Rd neighbouring the Bayfair Shopping Centre went intoreceivership on March 5.
The company is now in liquidation and the shopping centre's leasing team is exploring options with potential new tenants.
At the time, one of the receivers appointed, Paul Manning from Tauranga BDO, said the business went into receivership because of "ongoing trading and cash flow issues".
The bar has since closed and has been advertised for sale as a going concern.
Geoffrey Davies and Patricia Roxburgh are listed on the New Zealand Companies Office as the company directors. Davies did not wish to comment and the Bay of Plenty Times could not reach Roxborough.
Ryan Eathorne, an insolvency practitioner of Wellington, was appointed liquidator on July 14 this year.
Eathorne said more than $500,000 was likely still outstanding to creditors.
That included about $400,000 owed to the Bank of New Zealand, $200,000 to the Inland Revenue Department and $40,000 to staff in unpaid holiday pay and more, he said. Another $50,000 was owed to unsecured creditors.
"A lot of what is owed to the IRD is PAYE and GST which speaks to the company having serious cash flow issues," he said.
Eathorne said AMP Capital Ltd was asked to consent to another hospitality lease as there were several interested parties wanting to open another bar in the premises.
However, he said AMP Capital Ltd did not want to agree to another hospitality tenant as the area already had a large number of bars and restaurants in the shopping complex.
"They also wanted a long-term tenant and are looking at other options."
Eathorne understood DB Breweries, which owns the bar fit-out, has now removed this.
"Unfortunately, that means the value of the business is gone ... there will be no prospect for distribution to creditors."
The business has been advertised for sale as a going concern. Photo / George Novak
A spokeswoman for AMP Capital Ltd, which manages Bayfair Shopping Centre, said the centre's leasing team had a comprehensive leasing plan in place and was exploring options with potential new tenants.
"An announcement would be made at the appropriate time."
The business includes the bar, restaurant and pokie machines. According to the company's Facebook page, it has been operating since 1999.
Liquidation since lockdown
A total of 25 businesses in Tauranga have been placed into liquidation since the March 25 lockdown, according to the Ministry of Business, Innovation and Employment.
There were 43 companies placed into liquidation in Tauranga in the year to November 30. One Tauranga company was placed in receivership in the same period.
