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A Brisbane Korean barbecue icon will live on to grill another day after what is understood to be a payroll tax scare that could have pushed it to the brink, striking a deal with creditors to keep three restaurants afloat.
The restructuring plan developed with restructuring experts SV Partners was accepted by creditors Maru Hospitality Pty Ltd and Maru International Pty Ltd, which means the two companies have successfully progressed through the initial small business restructure phase.
A Brisbane institution, Maru Restaurant on Elizabeth Street has been a staple of the city’s dining scene since 2011, and expanded to include a separate Maru Grill House in the CBD on Mary Street, as well as Maru Grill House in Cannon Hill servicing suburban diners.
"The directors have been collaborative and forthcoming throughout the process and the business itself is robust and managed efficiently," says Matt Hudson of SV Partners.
"The directors have done everything possible to ensure obligations are met and the business is sound. We are positive that the plan, which has been accepted by its statutory creditors, will set the business up for continued success well into the future.
"For clients who are eligible, the Small Business Restructuring Process offers a great opportunity for business owners to work with creditors, retain control of operations and restructure the business in a way that allows it to meet debt obligations in a manageable way whilst positioning the business for long-term growth and success."
SV Partners says the restructuring process will have little to no impact on day-to-day operations, and customers are encouraged to continue supporting Maru by visiting the three dining locations.
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