Penrith-born paint and sip business Pinot & Picasso has entered Voluntary Administration.
The company’s studios – including its Penrith location – will continue to operate while the company goes through a restructure process.
There are seven company-owned studios across the country and 42 franchise stores.
“The Companies’ Directors have advised the reason for the Administration is largely attributable to a reduction in discretionary consumer spending, as Australians and other customers look to tighten entertainment budgets,” administrators Salea Advisory said in a statement.
Seven redundancies have taken place.
“The Administrator of the Companies is undertaking an urgent assessment of the Companies’ financial affairs. All of the assets, business and undertakings of the Companies are now under the control of the Administrator,” the statement said.
“Should any interested parties be interested in purchasing the business and/or assets of the Companies, please contact our office urgently.
An initial meeting of creditors is due to be held on September 24.
Troy Dodds
Troy Dodds is the Weekender's Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia's leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.