News

Floods and GFC cause closure of popular Restaurant 55

A COMBINATION of the Global Financial Crisis and the flow-on effects from the two recent floods has resulted in the shock closure of one of Bundaberg's most popular catering and restaurant businesses.

Owners of Restaurant 55, Aurora Restaurant, The Caffeine Clinic, and Creative Catering announced late Thursday that as of this evening, the two restaurants will close their doors, with the catering business to follow after Melbourne Cup.

The businesses have been placed into administration after five years of trading, which has left co-owner Nicola Smith and staff "shattered".

"With the floods and the Global Financial Crisis, it was impossible to hang on much longer," Miss Smith said.

"We had hoped to trade out of it but unfortunately that didn't happen."

Restaurant 55 manager Bill Fernhill said while the popular dining spot had managed to recover after the 2010/11 floods, the January floods this year dealt them a severe blow.

"Between loss of trade during the disaster, our client base being devastated, and being unable to claim either insurance or any form of financial assistance in the floods' wake, it's just become too much," he said.

Mr Fernhill said it had also been a struggle finding competent chefs.

"Those that we do manage to find usually get lured away by the promise of massive pay in the mines," he said."

Local businesses simply cannot compete with that kind of remuneration."

He said this week it had become apparent that the two restaurants, cafe and catering business "were not going to make it".

"It's heartbreaking to see it come to this and even more so to watch Nicola have to sell her home of more than a decade at a massive loss, simply to keep the wolves from the door," Mr Fernhill said.

"We'd like to give our deepest, heartfelt thanks to every single person who has helped us over the years.

"It is truly humbling and we have all made some life-long friends."

Bundaberg Chamber of Commerce president Yale Morgan said while it was disappointing to see such a popular business close its doors, it did not mean the rest of the business community was in trouble.

"If you are feeling the pinch, now is the time to put your hand up," Mr Morgan said.
 

Topics:  floods



Ergon is sweating on us to save power during heatwave

CLEAN UP: Make sure you clean your air-conditioner filters, says Ergon's Roslyn Baker.

Top tips to reduce power used by air-conditioners

Bushfire threat continues months longer than expected

Unseasonally hot and dry weather has firefighters on alert

More than 100 passengers affected by train derailment

A freight train has derailed at Raglan.

Emergency services respond to freight train accident

Local Partners

Wonder Woman a ‘disjointed disaster’, says DC insider

Gal Gadot in a scene from the movie Wonder Woman.

INSIDER says the much-hyped blockbuster will disappoint.

Kid nails Swift impersonation

Seven-year-old Xia Vigor nails Taylor Swift impersonation on the Philippine talent show Your Face Sounds Familiar Kids.

TAYLOR Swift has a seven-year-old doppelganger.

Ariana Grande 'hardest working 23-year-old on Earth'?

Ariana Grande

Not everyone was impressed with Grande’s self-proclaimed work ethic

Why Emma Watson turned down Cinderella

Emma Watson in a scene from the movie Beauty and the Beast.

HARRY Potter star has standards when it comes to Disney princesses.

Why The Walking Dead cast are paid a pittance

Despite massive ratings the cast haven't been shown the money

50 Shades Dornan on why he hates the film

Dornan and Johnson’s frequent sex scenes were ‘awkward’ to film. Picture: SuppliedSource:Supplied

Jamie Dornan doesn’t blame you for hating 50 Shades

Sunday auction for historical home

Former Catholic school sure to attract spirited bidding

Looking back, looking ahead in Noosa

NEVER-ENDING GLORY: Looking towards Laguna Bay and Hastings St from Noosa National Park.

Natural appeal of Noosa continues to attract buyers

Thousands of jobs part of $1b retirement village project

THIS YEAR: An artist impression of the new Aveo retirement village in Springfield.

Aveo Springfield unveiled this month, homes ready by July

KNIFE-EDGE: The housing tightrope we now face

Even the smallest interest rate rise will be hard for some to handle.

One if five home owners at risk, according to new analysis

'Difficult times': Rental prices tipped to increase in 2017

GREAT BUYS: There are some great rentals and houses to buy in South Gladstone. Head to gladstoneobserver.com.au for the top 10 homes under $100 to rent right now in the Gladstone region.

Investors may soon see a "profitable return” on properties.

Ready to SELL your property?

Post Your Ad Here!