SPQR: The Resurrection of SPQR and the Sale of a Prime Location Trademark

The sun set on SPQR, a beloved Ponsonby Road institution, as liquidators took over the business in July of last year. The venue, long a favorite among locals and tourists alike, has seen significant changes since its closure. Now, however, the future looks bright as new owners have taken the reins and plans for revival are underway. This article delves into the journey from liquidation to potential revival, examining the sale of assets, the position of creditors, and the new venture set to transform the site.

The Liquidation Process

McCullagh and Lawrence have been overseeing the liquidation since July last year. Their primary objectives were to sell the company’s fixed assets and distribute the proceeds among the creditors. They successfully sold kitchen equipment and dining furniture for a total of $26,304.35 plus GST. While inquiries for the remaining beverage stock continue, the overall asset sales have provided some relief.

However, substantial debts remain, primarily to Inland Revenue, which holds the largest claim of $1,066,868.46. This debt arises from unpaid employer activities and GST arrears. Despite efforts to negotiate, the business ultimately fell into liquidation due to its inability to meet these obligations.

Creditor Claims

Besides Inland Revenue, ANZ Bank holds a first-ranking General Securities Agreement (GSA) over the company’s assets and is owed $263,556.82. ANZ received two distributions totaling $9,854.92 from the sale proceeds. Prospa holds a second-ranking GSA and has claimed $93,460.54 for a loan.

Several other secured creditors have submitted claims totaling $100,210.03, though the chances of further distributions appear slim. Employee claims for outstanding wages and holiday pay amount to $132,727.47, while unsecured creditors’ claims total $664,310.77. Unfortunately, none of these claims are likely to see any financial restitution.

The liquidation process, while challenging, is expected to be completed within the next 12 months.

The Transfer of the Trademark

The recent efforts of the liquidators have also seen the trademark’s return to the company. Furthermore, they are actively exploring options to sell the trademark, a valuable asset that could generate significant income for creditors.

New Ownership and Plans for Revival

After weeks of speculation, it was announced that sisters Bronwyn and Jess Payne have taken over the SPQR site. The news was met with both surprise and excitement, given the Paynes’ strong reputation in the hospitality sector. They own several other successful businesses in Ponsonby, such as Hoppers Garden Bar and Elmo’s.

In a press release, the new owners stated that the site, now branded as Jacuzzi, “has been given a new lease of life, having been purchased by two of the suburb’s hottest hospitality stars.” The sisters expressed their intention to bring sophistication, spontaneity, and theatricality to the venue, setting the stage for a new era in inner-city dining.

Currently, the site remains closed as the team prepares for much-needed renovations. The new venture is scheduled to open in the coming months, promising to renew the magic that once made SPQR a staple of Ponsonby Road’s dining scene.

Conclusion

The journey of SPQR from beloved restaurant to liquidation and back to a promising new venture underscores the cyclical nature of the hospitality industry. While the road to recovery is complex and laden with challenges, the new owners’ dedication and vision offer a glimmer of hope for the iconic site.

Stay tuned as the Payne sisters embark on their ambitious plans to bring Jacuzzi to life. The Ponsonby culinary scene is set to dazzle once more with their unique blend of sophistication and spontaneity.

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