The Sando placed inreceivership
Tue 10th Jul, 2012 in Local News
Sydney’s Sandringham Hotel – the beloved Sando – has been placed in receivership with debts of $3.6 million.
The owner of the venue for the past seven years, Tony Townsend, says that he had been hoping to refinance the hotel and had been trying varied options to hold onto the business for the past year – including a failed bid to sell the building and lease it back.
According to Townsend the first he knew of the bank’s plans came at midday yesterday when the men in suits arrived with the paperwork. ‘’They didn’t even call me, they just walked in. No warning, no nothing,’’ he told the Sydney Morning Herald.
‘’It’s sad – it’s sad for live music, it’s sad for me personally it’s sad for my family,’’ he said. ‘’This was supposed to be not only a legacy for us but, I guess, our income in retirement. And that whole dream’s gone… ‘We’ve taken it from one or two shows a week to quite proudly 120 bands a month,’’ he said. ‘’We’re only small but we’re I guess the biggest little rock venue in Sydney.’’
Morgan Kelly, of receivers Ferrier Hodgson, says that the Sando as a live music venue for the foreseeable future. “I will be conducting an urgent assessment of operations and considering the best options for taking the business to market,” Mr Kelly said. “We’ll have a better understanding of the market’s appetite for this asset in coming weeks.”
July 24th, 2010
September 24th, 2010