SCARBOROUGH Beach Bar officially has new owners.
As reported by Community News on November 6, The Peach Pit owners ARK Group were finalising purchase of the bar, which went into administration in July.
WA Insolvency Solutions confirmed the sale was approved on Tuesday and appointed voluntary administrator Jimmy Trpcevski who described it as “a great outcome”.
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READ NOW“It’s business as usual, and the bar will continue to trade,” he said.
“And not only has the ARK Group employed the approximately 20 full time and casual staff, the sale also provides a better return to the secured creditor, ANZ Bank, and employee entitlements.”
The administrators received 39 expressions of interest in the sale and selected ARK Group because it is “a well-established, reputable hospitality group with vast experience in a variety of award-winning venues across WA”.
It also owns The Peach Pit, which it recently transformed from The Squire’s Fortune.
Operations manager Adam Kapinkoff said they would continue trading as normal before considering change to the venue.
The bar has been operating since entering administration and Mr Trpcevski thanked staff and patrons for their support.
“It has enabled the company to continue to trade during this time and ensures a smooth transition for the new owners,” he said.
Scarborough Beach Bar’s former director blamed foreshore redevelopment delays and missing the whole summer period of trading for the bar’s financial position.