The East Perth upmarket Cantonese restaurant has gone into liquidation with creditors believed to be owed in the order of at least $750,000.
The East Perth upmarket Cantonese restaurant has gone into liquidation with creditors believed to be owed in the order of at least $750,000.
A notice was filed with the Australian Securities and Investments Exchange on Thursday showing liquidators had been called to 8 On The Point Pty Ltd trading as 8 On The Point Chinese Restaurant.
It was one of the few ‘fine-dining’ Chinese restaurants in Perth prior to its closure and had capacity for up to 350 patrons across a sizeable venue situated on the Swan River waterfront.
It’s understood the landlord took posession of the property and is owed some $250,000, while investors are believed to be on the hook for about $500,000.
Administrators Cor Cordis were appointed to the same company in 2018 to undertake a restructure, not months after Perth’s iteration of Bali favourite Ku De Tah closed its doors in the same East Perth riverside precinct.
The $50 million ‘On the Point’ was initially developed as a venue for eight restaurants, four bars and a rooftop lounge, with Ku De Ta Perth being the best known of these at the time.
Business News was unable to contact 8 on the Point, which is understood to employ about 15 staff and ceased trading several weeks ago, for comment. Google lists the restaurant as permanently closed.
Liquidator Mathieu Tribut of GTS Advisory in conjunction with Mackay Goodwin, appointed on Thursday, said the business had been running well, but that he was seeing a rise of the number of insolvencies in the sector.
“Unfortunately we are seeing a rise in the number of insolvency matters associated with hospitality and anything to do with food and beverage,” he said.
“Sometimes it’s due because of traffic, sometimes the rent is too high, there are many factors.”
Local food writer Rob Broadfield had not long ago listed 8 on the Point as one of the top 10 Chinese restaurants in Perth.
Cantonese restaurant Lantern is due to open its doors this month in Brookfield's One the Esplanade.
