SNOWS has closed its Marketown store however owner Jason Cox says it is "business as usual" after retaining control of most of his stores after they were placed in voluntary administration last year.
A report to creditors submitted to the Australian Securities and Investment Commission and prepared by administrators PKF shows that an offer by Snows Bakers Retail Pty Ltd and Snows Bakers Wholesale Pty Ltd, controlled by Mr Cox, has been accepted for the purchase of most outlets in the bakery empire. However, PKF found a new buyer for The Locale and Snows has closed its Marketown store.
"Snows is trading business as usual, wholesale and retail, and we're looking for a more viable premise [for Marketown]," Mr Cox, who pioneered artisan baking in Newcastle when he opened Snows in 1996, said yesterday.
In April, 2019, the Herald reported that the administrator, PKF partner Simon Thorn, received more than 35 expressions of interest in buying Snows Fine Foods, The Hood Milk Bar Pty Ltd and The Locale Pty Ltd after the businesses went into voluntary administration owing money to the tax office. The operations included Snows cafes at Marketown, Waratah and Broadmeadow.
The businesses had retained all their staff, estimated at about 65, after going into voluntary administration and continued trading.
The report shows estimates of unsecured creditors' claims were $2,139, 875, noting that the amount was subject to change pending further proof of debt claims.