- Seven painting and drinking studios affected
- Seven staff members were laid off
The company behind the popular Pinot & Picasso studios has filed for voluntary administration.
Veuve Ventures Pty Ltd, which owns seven Pinot & Picasso studios in Australia, had administrators appointed last Thursday.
The collapse has led to the dismissal of seven studio workers.
Other Pinot & Picasso studios in Australia are not affected by the administration.
Paint and drink studios have experienced a boom in recent years, allowing customers to be guided through an art course while enjoying a glass of wine.
Salea Advisory’s Sule Arnautovic has been appointed administrator and said there were 16 full-time and 41 casual staff working at the affected studios.
Veuve Ventures directors attributed the collapse to “a reduction in consumer discretionary spending as Australians and other customers look to tighten their entertainment budgets,” Salea Advisory said.
Mr Arnautovic said he was acting as quickly as possible to try to preserve businesses and jobs.
“For current franchisees and customers, my goal is to reduce the impacts on business operations and ensure that the companies’ business continues as consistently as possible during this period,” he said.
More to come