Seven Hobart venues have been shut down – effective immediately – as administrators look to find new owners.
More than 80 staff employed across Cargo, Jack Greene, Post Street Social, O-Bar, Republic Bar, Franklin Wharf Restaurant and Bar and the Franklin Wharf Function Centre were this morning told that they were being stood down, after owners Pub Banc Group and Hotel Banc Group entered voluntary administration.
The businesses have blamed challenging trading conditions across the hospitality sector, including sustained increases in food and beverage input costs, utilities, insurance and other operating expenses, alongside a marked shift in consumer spending behaviour – as contributing factors towards their downfall.
Administrator Apex Advisory says the aim is for the venues to reopen under new ownership.
