Will Noosa food and wine festival go ahead?
WHEN Noosa Food and Wine Events, the company behind Berardo's Restaurant and the Noosa International Food and Wine Festival, went into voluntary administration last month there was an outpouring of grief and sadness.
Then the severity of debt left with many of the company's suppliers became apparent, and all I was hearing was anger and dismay.
This week a Noosa restaurant owner with 35 years' experience running successful eateries challenged Jim Berardo to explain what happened. He and his wife question how 35,000 ticket sales from this year's festival could fail to translate into a profit.
Running a public event with hundreds of stakeholders would be complex and risky, and an explanation may not be simple.
But these questions are valid, and should be answered. Creditors have the right to know what contributed to the loss.
The 2016 festival dates have already been announced and there's a huge expectation from foodies around Australia and internationally that it will continue.
Can Jim Berardo stop the festival ship from sinking or will someone else step up? In two weeks, the second meeting between creditors and the appointed administrator is expected to vote on a proposal from Jim about how to move forward.
Let's hope everyone leaves that meeting with smiles on their faces.
- If you have a business news tip email me at: firstname.lastname@example.org