Marking the cold end to fervent and optimistic summer trade, the month of February saw a succession of insolvencies and sorry locals.
Early in the month Newcastle pub The Edwards closed without warning, leaving patrons shocked and upcoming event bookings scrambling.
A notice to ASIC (Australian Securities and Investments Commission) explained that a meeting held on 4 February by members of the Company “resolved that the Company be wound up and that Henry McKenna be appointed liquidator”. The operating company, Akasha Newcastle, will be dissolved.
The Edwards was acquired in 2022 by Akasha Brewing, based in Sydney’s Five Dock. The plan was to use the venue as a foot in the door to the Newcastle market, attracting crowdfunding of $1.7 million.
But sadly representative of a devotion to the craft of beer, parent company Akasha Brewing itself sank into voluntary administration in early 2024, although it saw a reprieve by way of a restructure plan that was approved by creditors. The demise of Akasha Newcastle is not thought to affect Akasha Brewing or its Sydney venue The Barrel Room, in Leichhardt.
“After a number of challenging years, we have made the incredibly difficult decision to close The Edwards. As a result, all existing bookings have now been cancelled,” read a message issued by management.
Around the same time, the Royal Standard Hotel in Toora announced on social media that “financial difficulties” had forced it into liquidation, and it would be closing immediately.
According to the statement the business is being “wound up” and assets will be sold off to service outstanding debt.
Built 1889, the historic South Gippsland hotel, around 200 kilometres south-east of Melbourne, dates back to the town’s affiliation with nearby tin mines. Locals says it has “huge historical value” for Toora, and they “very much hope” it reopens.
Toora Bazaar Market manager Sheryl Jones told the Herald Sun “We’re definitely going to miss it around here — we actually hope someone comes very quickly and takes over — every town needs a pub.”
Private operators have manned the bar for the past eight years, and thanking “our fantastic community & amazing staff” for their support, they bid farewell.
“A registered liquidator has been appointed to manage this process, and all creditors should get in touch with the hotel for contact details to register their claims.”
Closer to the capital, Albert Park Leisure, operators of the Albion Rooftop in South Melbourne, also called in receivers this month. This followed the recent sale of the venue to entertainment outfit District 14.
The director of Albert Park Leisure, according to corporate records, is Matt Darcy, brother to former AFL star Luke Darcy. Matt also fronts Richmond Leisure, operator of the Precinct Hotel in Richmond, which went into liquidation at the end of 2024.
Agile Business Advisory’s Leigh Prior was appointed to oversee both companies, and currently the Precinct Hotel continues to trade as per usual.
A report filed with ASIC detailed that Albert Park Leisure was in hock to creditors for over $4.5 million, owing millions to the Commonwealth Bank, ATO, and the City of Port Phillip, as well as a string of suppliers and service providers.
Richmond Leisure is thought to be in the red for over $5 million, with outstanding debts also to the tax office and CBA, alongside food and beverage suppliers and Darcy himself.
Listed as a shareholder of Albert Park Leisure is Hormel Promotions, a company belonging to AFL legend Dane Swan, which is also part-owner of Windsor’s inclusive Union Hotel.
Swan distanced himself from the failed business, saying he has had no involvement with the Albion for several years, nor any information on what led to its end.
