Michael Twomey’s latest Brisbane venture has fallen apart two years after his last company collapsed
A Brisbane entrepreneur’s latest business venture has fallen in a heap almost exactly two years after his first tech venture hit the wall owing $2.3m.
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SECOND CRASH IN TWO YEARS
He touted a revolutionary new approach to home rental in Brisbane that was as simple as booking a hotel room or Airbnb space.
For renters, there was the promise of no lease and no bond, as well as instant approvals and inspections anytime.
For property owners, he offered the lure of no letting fees, free advertising and 3D scans to allow for virtual inspections.
With revenue set to be generated simply by taking the equivalent of 10 per cent of the rent, it sounded too good to be true—and it was.
The latest venture from Michael Twomey, trading as Easier Australia Pty Ltd, collapsed this month without ever actively trading. Substantial sums are allegedly owed to former employees, as well as investors and trade creditors.
One dudded supplier has even shown City Beat copies of bogus remittance statements Twomey emailed him as proof of bank deposits. Another creditor said he had to use debt collectors months ago just to retrieve $3000.
The debacle comes almost exactly two years after Twomey’s previous Brisbane tech company, Data Fund Pty Ltd, trading as SOOW, went to the wall owing more than $2.3m.
Creditors, including the Brisbane Lions which sought $770,000 in an unpaid sponsorship valued at about $2m, retrieved nothing back. Workers claimed then that they were handed fake remittance slips for their pay before it all came crashing down.
Fast forward to today and many of the more than 20 ex-staff at Easier, including at least one who relocated from Melbourne, allege they are owed many weeks of unpaid wages and super. One investor is believed to be out of pocket by more than $250,000 and poised to take legal action.
Easier ceased operating last week from its We Work office space in the CBD and the company’s previously active website is now merely frozen, telling viewers that it’s “coming soon’’.
One senior figure who recently departed told your diarist that the company’s business model was so flawed that it actually violated regulations governing the accommodation sector.
Complaints about the business have been lodged with both the REIQ and the Office of Fair Trading, neither of which would comment on the matter. But it’s understood that one of the allegations under investigation is that Easier improperly used listings from other agents and even posted fake listings on its site.
Records show Twomey created both Easier and related property management company, Home Queensland Pty Ltd, in July last year. He remains sole director and owner of each of them.
Twomey, who pocketed $825,000 from the sale of his home in Mitchelton last November, did not return a call seeking comment on Wednesday.
A co-founder of the business, Michael Muscat, could not be contacted.
BUSH STOUSH
Legal dramas have engulfed a family immersed in the agricultural game in Central Queensland for more than 100 years.
Patriarchs Ed and Jo-Anne Iker appointed Brisbane-based liquidator Gavin Morton this week over two of their companies, Iker Pty Ltd and Euneeke Cattle Company Pty Ltd, following a series of court battles.
But the validity of the move was immediately called into question since one of their alleged creditors had filed a winding up application against both firms just a day earlier in Brisbane Supreme Court.
An entity called Beachmount Pty Ltd, controlled by veteran agribusiness industry player Peter Quietzsch, sought the court appointment of Brisbane liquidator David Clout to wind up both companies on Monday.
That follows a protracted court battle waged by Beachmount, which claimed in a previous case that it was owed nearly $811,000 from the Ikers and Euneeke dating back to 2013. The Ikers defended the matter.
The dispute stems from Quietzsch’s two year-stint as CEO of Iker Group Holdings until late 2015. After that date he transitioned to a new role as chairman of an advisory board for the group for nearly three years.
The Ikers did not return a call seeking comment on Wednesday. Quietzsch, who currently acts as a broker with Morgan business sales, also did not respond to a request for comment.
The Iker clan have been farming in the Springsure region, about 65km south of Emerald, since 1913. They also oversee a grazing operation with about 6500 head of cattle and another 8500 in feedlotting southwest of the area.
In addition, the family has operated accommodation sites for mine workers.
ECO BOATS AHOY
A fun new way to experience the Brisbane River is set to launch in May.
A fleet of six eco-friendly “picnic boats’’ will start plying the waters from their base at Breakfast Creek.
The 5.5-metre long vessels, made from recycled timber and bottles, are shaded and have a central table big enough for eight passengers.
They’re quiet and free of fumes too, humming along thanks to a German electric engine.
Perhaps best of all, patrons don’t require a boating license and can BYO all their own food and alcohol. Even pets are allowed on board. What could possibly go wrong?
The company behind the venture, GoBoat, originally launched in Copenhagen in 2014 and has spread out across Europe since then.
It kicked off operations Down Under in 2017 and has already established a foothold at Sanctuary Cove, as well as Melbourne’s Yarra River and Canberra’s Lake Burley Griffin.
All up there are 36 of the nifty little vessels across Australia and more are on the way.
The head of the Brisbane operation, Nick Tyrrell, hoped to be up and running already but a wicked combination of the pandemic and a bit of Council red tape set back the timetable.
In a good omen, some days have already sold out ahead of the launch.
Prices start at $109 for one hour, which is not bad if split eight ways. Two hours will set you back $189 and three hours costs $229.
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