A sushi wholesaler that is owned by Smart50 finalist Pacific Retail Management has entered voluntary administration and ceased trading.
Sushi Tribe supplied both fresh and frozen sushi to stockists across Australia and is one of five brands owned by Pacific Retail Management, along with Go Sushi, Wasabi Warriors, Kick Juice Bars and Sushi Ginza.
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Administrator Mitchell Ball of BPS Recovery was appointed to manage the administration of the Sushi Tribe business on Monday.
The first meeting of the company’s creditors will be held in Sydney on November 26.
Ball has also been appointed as administrator for a company called Go Pacific Retail, which SmartCompany understands is the former franchise holder for sushi chain Go Sushi.
Ball told SmartCompany this morning as far as he is aware, no other brands owned by Pacific Retail Management are in voluntary administration.
While Ball was unable to comment as to the reasons for the appointment of voluntary administrators to Sushi Tribe, he confirmed the business has ceased trading.
A spokesperson for Pacific Retail Management also confirmed to SmartCompany Sushi Tribe has ceased trading but said it is “business as normal” for the rest of the business.
Pacific Retail Management chief executive Nicola Mills told SmartCompany the appointment of administrators is a result of “a restructure from the impact of the wholesale business” in relation to an acquisition the company completed in late 2014.
“This does not affect our retail business, our franchisees, IP trademarks, our international operations, or Pacific Retail Management as a whole, which will remain separate,” Mills says.
“It’s something we had to do as part of the clean-up of that business/acquisition and legacy issues from the old owners to more it forward.”
“It is business as usual and both the retail and wholesale side of our business will continue to grow,” Mills says.
Pacific Retail Management has made it on the Smart50 list of fast-growing SMEs for two years running.
This year, Pacific Retail Management was ranked 35 on the Smart50, thanks to a growth rate of 138% over the previous three financial years.
In 2014-15, Pacific Retail Management recorded $5.8 million in revenue, which compared to more than $3 million recorded the year before, when Pacific Retail Management came in at number 50 on the Smart50.
The company purchased Sushi Ginza in December 2014 for an undisclosed sum, with Mills telling SmartCompany at the time Pacific Retail was planning to pursue further acquisitions in the near future.
*This article was updated at 2.25pm on November 17 to include comments from Pacific Retail Management chief executive Nicola Mills.