The Office on Pirie venue has closed its doors as administrators prepare to put it on the market
AN entertainment venue in the heart of Adelaide’s CBD office precinct has closed its doors after administrators were called in to weigh up its long-term future.
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AN entertainment venue in the heart of Adelaide’s CBD office precinct has closed its doors after administrators were called in to weigh up its long-term future.
The Office on Pirie venue, which has been trading on Pirie St since the early 1980s, will remain closed while its administrators consider options to revive the business.
Duncan Powell’s Stephen Duncan and Nick Gyss are assessing the operations after being appointed administrators on Wednesday.
Mr Gyss said it was likely the business would be put on the market early next week as part of an attempt to secure the future of the venue and the jobs of “half a dozen” employees.
“It’s important that all options in a restructure are considered,” he said.
“We’re going to present it to the market for sale to see what options that gives rise to.
“It is early days. We’ll be taking a look at the circumstances that led to the current predicament. It has traded successfully for a relatively long period of time — it’s now about resetting the business and the opportunity. Obviously trading conditions have changed over that period of time.”
According to the administrator, the venue generated annual revenue of more than $1 million from its operations, which included gaming machines and live entertainment.
The Pirie St venue traded as the The Office when it opened in the early 1980s, before being rebranded to its current name Office on Pirie.
It was once a popular watering hole with CBD office workers, but yesterday signs on its doors confirmed it was temporarily closed, directing inquiries to Duncan Powell.
The insolvency group has also been appointed as administrator of three related hospitality outlets in Western Australia.
Mr Gyss would not comment on the debts owed by the business, saying they would be revealed at the first meeting of creditors to be held on 13 March.
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