The Lobster Cave, a well-known seafood restaurant in Beaumaris operating since 1987, has entered administration after its owning company, Lob Nominees, collapsed into insolvency.
According to the Herald Sun, administrator Stephen Dixon of Hamilton Murphy has been appointed to assess the business and oversee operations, with more than 60 staff currently employed.
Owner Vasilios Fergadiotis, better known as Bill Ferg, faces mounting personal financial woes and a $1 million bankruptcy claim.
In a statement to the Herald Sun, Ferg confirmed the restaurant will continue trading through the administration process, stating, “We are working hard not to be a late casualty of Covid.”
Creditors, owed over $7 million, are set to vote on a last-minute personal insolvency deal as Ferg attempts to avoid bankruptcy and losing control of his businesses.
This follows earlier legal action against Lob Nominees by Humm Group and the collapse of several other Ferg-linked companies with debts nearing $17 million.
Source: Herald Sun.
