- It went into voluntary administration in March
- Good Group Australia will now close
An upscale steakhouse chain has collapsed under $23 million in debt and leaving 200 people unemployed, blaming “adverse business conditions.”
The restaurants’ parent company, Good Group Australia, went into voluntary administration on March 31 and appointed BDO as its administrator for its high-end Asian and steakhouse restaurants.
White and Wong’s ceased trading in April at its Martin Place restaurant in Sydney and one in Chadstone in Melbourne, as well as at Wong Baby on Melbourne’s Chapel Street, and the steakhouses remained open.
BDO administrators Andrew Sallway and Duncan Clubb closed Botswana Butchery’s three restaurants on Tuesday, with restaurant managers posting they were “disappointed.”
“It is with deep regret that we have made the unfortunate but necessary decision to close our Botswana Butchery businesses in Sydney, Melbourne and Canberra,” they said.
The upscale steakhouses continued to operate after their parent company went into voluntary administration on March 31. The restaurant had branches in Sydney, Melbourne and Canberra.
Botswana Butchery had a wide selection of meats and charged diners $390 for a 1.6kg wagyu tomahawk steak. The restaurant also catered to non-meat eaters and had lobster and seafood on its menu.
‘All from the end of the day Tuesday, May 14, 2024, due to adverse trading conditions.
“While we are disappointed with this outcome, we have unfortunately exhausted all options.”
The restaurant chain first found success in New Zealand before expanding to Sydney and Melbourne in 2022.
Good Group’s New Zealand operations were not affected by voluntary administration.
The Sydney Botswana Butchery in Sydney could seat 300 guests over three floors and could seat more than 900 standing.
Botswana Butchery’s Sydney Martin Place Restaurant. The chain’s management posted on social media that they were “disappointed” and blamed “adverse business conditions.”
At the time of voluntary administration, the luxury chain had a 1.6kg wagyu tomahawk steak for $390 and the restaurant’s website showed caviar was served, as well as gold-dusted meat and desserts.
Although the menu had a wide selection of meats, diners could still order lobster and other seafood.
BDO administrators said news.com.au They discovered that the business was no longer viable because the restaurants continued to lose money.
“Due to the significant cash losses occurring in the operation of the restaurants, the group’s shareholders can no longer finance the ongoing trading and restructuring costs,” they said.
Continuing to operate the three restaurants meant incurring an operating loss of $207,000 in just over a month, administrators found in an earlier report.
More to come