All three Australian Hi-Fi Bars, the beloved live music venues in Melbourne, Brisbane and Sydney, have reportedly entered into external administration this week, leaving their future uncertain and likely to be determined in the next four weeks.
Reports theMusic.com.au, documents obtained from the Australian Securities & Investments Commission (ASIC) state that the Brisbane, Sydney and Melbourne venues were placed into external administration on Thursday 12th February.
According to an unnamed source, the move is the result of a dispute between the Melbourne based company and a major creditor. “As no resolution could be achieved between the two parties, the main creditor has placed the venues into external administration,” said the source. “As a result, the creditor has taken over the running of the venues and it will be business as usual for the foreseeable future.”
The administrator is Simon Patrick Nelson of the Romanis Cant accounting firm. It is believed that an original member of The Hi-Fi team will stay on to ensure the venues continue to operate as usual.
“All three venues will continue to trade under my control with the support of key employees, industry stakeholders, landlords and other stakeholders,” Nelson told Fairfax. “We expect to achieve a sale of the business as a going concern in the next four weeks.”
“I can’t guarantee there will be a sale, but I’m highly confident. If not, it will be closed down,” he added ominously.
In a brief statement on their Facebook page, the Hi-Fi ensured punters things would continue to run as usual. “Hey guys if you’ve heard the rumours, don’t worry! It’s business as usual, see you at the gig.”
All three venues still have bookings from the likes of Seth Sentry, Sticky Fingers, Courtney Barnett, Against Me! and more listed until up to June.
Photos: Mac DeMarco – Melbourne, The Hi-Fi 04/02/15. Photographed by Brett Schewitz