Melbourne institution the Hopetoun Tea Rooms is for sale in a last ditch bid to save the famous cake store after it collapsed into administration earlier this month.
Administrators Peter Gountzos and Michael Carrafa, of SV Partners, were appointed on May 8 to Finetea Pty Ltd, which trades as Hopetoun Tea Rooms, and the business was put on the market last week. Creditors are owed just over $3 million, with major creditors including the Block Arcade, law firm Tisher Liner, the Australian Tax Office and the Commonwealth Bank.
I will never understand why businesses such as this run with such a large constant debt hanging over its head. Is this normal?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: