Debts of Norwood bar Stone’s Throw revealed following financial demise

The debts of failed Norwood bar and restaurant Stone’s Throw have been revealed, following the auctioning off of the venue’s kitchen equipment, furniture and other assets last week. See who’s owed the most.

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Failed Norwood bar and restaurant Stone’s Throw racked up tax debts of more than $600,000 in the lead-up to its collapse, while the property’s landlord has been left more than $200,000 out of pocket.

Details about the venue’s debts have been revealed in a report from the company’s liquidator following the auctioning off of kitchen equipment, furniture, white goods and other equipment last week.

The report shows a total of $1.17m is owed to unsecured creditors – with the Australian Taxation Office lodging the biggest claim – while secured creditor NAB is seeking to recoup close to $294,000.

Stone’s Throw fell into liquidation earlier this month.

On the same day, liquidators were appointed to The Bloody Mary Group – a separate entity connected with a string of hospitality insolvencies in recent years, including Stone’s Throw, The Archer in North Adelaide in 2018 and the Kincraig Hotel in Naracoorte in 2019.

Those two venues have since reopened under new management.

Liquidators have sold off furniture and equipment at Stone's Throw.

The Bloody Mary Group owes unsecured creditors more than $673,000, according to a liquidator’s report, including more than $345,000 to Stone’s Throw and around $95,000 to another related venue – the Saracens Head.

Greenhill Road firm MC Chartered Accountants is owed more than $210,000 by the two failed companies.

Liquidator Andrew Langshaw from DuncanPowell declined to confirm how much had been raised from last week’s auction of plant and equipment, but said the funds would go to the repayment of the secured creditor’s debt.

“Certainly in the case of Stone’s Throw all of the assets are subject to bank security so proceeds will go to the bank,” he said.

“There are other avenues, we’ve got investigations to do, and whether that leads to recoveries – it’s a bit early to say definitively that they (unsecured creditors) won’t get a return.

“But right now there’s no funds available.”

Stone’s Throw’s lease on The Parade at Norwood expired in June and the venue has remained closed since the onset of the COVID-19 pandemic.

Shareholder Brett Viney, who owned the business with Matt Mitchell, has previously blamed failed lease negotiations with the landlord for the venue’s failure.

“Once the rent review hit in June it was in the middle of COVID and that shut us down and has forced us into liquidation and potential litigation,” he said after liquidators were appointed earlier this month.

At the time he said The Bloody Mary Group’s winding up would have no impact on ongoing operations at the Saracens Head, which has been on the market since the start of this year.

Stone’s Throw landlord Tom Chen declined to comment. Mr Viney and Mr Mitchell have both been contacted for comment.