The Pubboy empire, assembled by former BRW Young Rich list member, Mark Alexander-Erber, appears to be in more trouble, with the Financial Review reporting today that six Pubboy pubs have been put on the market.
Property reporter Ben Wilmot wrote that:
Sims Partners was appointed as voluntary administrators to seven Pubboy Group companies to look at the possibility of a reconstruction. But it is now acting as liquidator.
The appointment of a liquidator contrasts with the passionate comments of Alexander-Erber to Crikey in February. After Crikey questioned BRW’s assessment of Alexander-Erber’s wealth (which was estimated by BRW as being $20 million in 2006) and the future of the Pubboy chain, the colourful self-made entrepreneur hit back, on Crikey’s website, claiming that:
Adam Schwab are you kidding — Pubboy hasnt collapsed — if you call restructuring the group that was built up from scratch … going broke then you havent got a clue … if you want facts … call at any time but that that would be to easy to report the facts.
According to receiver, Jack Bournelis of PPB, Alexander-Erber’s role in the restructure won’t be major. Bournelis (who was appointed by Pubboy creditor ANZ) told the Financial Review that “there had been no deed of company arrangement proposed and Mr Alexander-Erber has no ongoing involvement with the hotels”.
The impending liquidation of Pubboy and lack of involvement by Alexander-Erber appears to contradict some of the comments on the Pubboy website, which notes that:
The Pubboy Group has had an amazing year …..not only has it been recognized as one of Australia’s fastest Growing company for the second year (2005 and 2006) in a row in the prestigious BRW Fast 100 company list, we were nominated for Entrepreneur of the year by Ernst and Young.
Crikey tried to take up Alexander-Erber’s offer to “call at any time”. Unfortunately, we were unable to reach Pubboy as the telephone at its head-office is no longer connected.