Latest news with #CorCordis
Perth Now
08-05-2025
- Business
- Perth Now
Luxury bridal house collapses for a second time
Luxury bridal house Pallas Couture has collapsed into administration for a second time in less than eight years, but worried customers have been assured they will still receive their wedding dresses. Jeremy Nipps and Thomas Birch of Cor Cordis were appointed as administrators for Evercentre Pty Ltd — trading as Pallas Couture — earlier this month. They are now assessing the retailer's financial position. Pallas employs 12 staff and has studios in Subiaco and Paddington in Sydney. Cor Cordis said it would evaluate operations and explore various avenues to restructure or recapitalise the business, including the possibility of a deed of company arrangement. 'The process will allow for Pallas Couture to continue prioritising all brides and continue operations as normal, with no disruption to the business or any creation and delivery of gowns currently in production,' they said. Mr Nipps told The West Australian on Thursday that funding had been secured from an undisclosed third party, ensuring wedding gowns can be completed and delivered to customers. He could not yet comment on what led to the company's demise. Pallas Couture's Joy Morris. Credit: Rob Duncan / The West Australian Pallas Couture's collapse comes amid tough trading conditions for retailers as persistent cost-of-living pressures force consumers to tighten their belts, including brides-to-be when it comes to their wedding gowns. Pallas founder Joy Morris told The West in 2015 her elaborate frocks don't come cheap, sayings brides had to have a desire to spend in excess of $5000. Cor Cordis and Mr Nipps had already helped pull Pallas from the brink after it entered administration in November 2017, when the Australian Taxation Office applied to wind it up over an unpaid debt. Administrators at the time attributed the demise of the business — then called Pallas Bride and Fashion — to inadequate cashflow management. The administration concluded with Pallas' creditors approving a DOCA floated by Ms Morris, saying It represented the best option for employees. Mr Nipps on Thursday said he was confident the business could be revived a second time. 'There is a viable business that can get through this process and continue trading as it did previously for the past eight years,' he said. 'Subject to doing a bit more investigation, this could just be a bit of a bump in the road.'
Daily Mail
07-05-2025
- Business
- Daily Mail
Shock as 170-year-old pub faces closure as owners desperately search for a new buyer
One of Melbourne 's oldest pubs may be calling last drinks forever as it faces closure almost two centuries in operation. The Kingston Hotel on Highett Street in Richmond, Melbourne, has entered administration. The venue first opened its doors in 1854 and has lived many lives, each playing a vital role in Melbourne's social landscape. In the 1970s, the bar was a key hub in the city's vibrant music scene, and during the 1980s, it briefly operated as a lesbian-run pub - adding another unique chapter to its storied history. The company where the venue is held, owned by the De Fraga family, was served a wind-up notice by the Australian Taxation Office earlier this year. The financial collapse follows an ambitious $1.5million renovation, which saw the public bar completely rebuilt. The redevelopment also included a new restaurant, named Marble & Pearl. The bar's courtyard was also redesigned by Melbourne architect Jim Fogarty in a 'provincial Tuscan' style. Renovations on the venue took 14 months to completed, being delayed due to Covid lockdowns in 2021. Administrators from Cor Cordis are now urgently seeking a buyer to rescue the long-standing establishment. A Cor Cordis spokesman told the Herald Sun 'a number of interested parties are now undertaking due diligence in relation to the company's affairs and future prospects'. While the De Fraga family is considering ways to repay creditors, no formal recovery plan has been announced. 'The administrators will continue to fulfil their statutory duties and will keep creditors informed as the administration progresses,' the spokesman added. It has also been revealed that two other Melbourne venues, also owned by the De Fraga family, have been sold. The Swan Hotel on Church Street in Richmond, and the nearby Public House have both been sold to Australian Venue Co. 'We can confirm that AVC acquired Public House and the Swan Hotel in Richmond on 22 October 2024,' an Australian Venue Co. spokesman said. The Swan Hotel was held in the same entity as the Kingston Hotel, called Trident Star Enterprises, which went into voluntary administration. Public House meanwhile was owned by Mr De Fraga's company, Public House Consolidated, which has been liquidated. Public House also underwent expensive renovations in 2020, with the venue being completely overhauled at an estimate cost of $3million. Australian Venue Co. owns more than 200 bars and clubs across the country. They made headlines earlier this year after receiving backlash for comments made against Australia Day, which resulted in them releasing a public apology.
