As Billboard reports, Hi-Fi administrators Romanis Cant have confirmed the Hi-Fi venues have been sold to Melbourne-based Max Watt’s Operating Pty Ltd (formerly Bar & Venue Operations Pty Ltd).
According to a statement from Romanis Cant (Via The Music), the sale transaction is expected to be settled within the next two weeks.
“During this period, the Administrator and Max Watt’s Operating Pty Ltd will be working with all stakeholders to ensure a seamless transition and a continued operation of the venues,” the statement reads.
The Hi-Fi’s live booking director James Power has echoed this, telling Billboard it’s business as usual as the sale is processed. “There’s been no disruption to our day-to-day activities. Our business is trading as usual,” he said.
According to Billboard, the Hi-Fi’s managing director Luke O’Sullivan and co-founder Brad Pearce are reportedly no longer involved in the Hi-Fi business. All venue staff have reportedly been retained, and are said to be meeting with their new owners this week, as early as tomorrow.
Australian Business Register records show Max Watt’s Operating Pty Ltd was registered on 5th February 2015, with three separate three-year registrations secured under the business names Max Watt’s In Brisbane, Max Watt’s In Sydney and Max Watt’s In Melbourne.
The Hi-Fi bars were placed in administration on 12th February after a reported dispute with major creditors. At the time, administrator Simon Patrick Nelson told Fairfax, “I can’t guarantee there will be a sale, but I’m highly confident. If not, [The Hi-Fi] will be closed down.” Thankfully, things haven’t come to that, and business at the Hi-Fi venues is set to continue.
Photos: Millencolin, The Vandals, The Interrupters – The Hi-Fi, Melbourne 23/02/15 / Photos: Tony Proudfoot
The Hi-Fi Venues Have A New Australian-Based Owner - Music Feeds