Tallship Island Adventures, run by tourism identities Bruce and Margaret Nicholls, capsizes
A Gold Coast tourism boating business launched in 2004 has run aground. Coronavirus might have been the final straw, but there have been sign of trouble before now - including a skirmish with the ATO and fraud charges.
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RUNNING AGROUND
A Gold Coast tourism boating business with a long and troubled history has finally run aground.
We learned this week that ASIC is in the process of striking off and winding up Tallship Island Adventures, which had shut down earlier this year thanks to the pandemic squeeze.
The family-run company, launched in 2004 by tourism identities Bruce and Margaret Nicholls, was based next to Marina Mirage and took clients on day trips to their previously owned McClarens Landing resort on South Stradbroke Island.
They deployed a three-masted sailing vessel named after infamous pirate Sir Henry Morgan, as well as a 32m catamaran.
The couple also offered parasailing, whale watching trips and private parties for big companies.
SIGNS OF TROUBLE
Yet signs of trouble emerged as long ago as 2013, when the couple put the leasehold to the resort and the catamaran on the market.
The property failed to sell at the time. (But, following the appointment of receivers to a company controlled by their son Jason in early 2019, new owners forked out $825,000 to take control of the resort earlier this year.)
Tallship Island Adventures next faced a skirmish with the tax man, going to court to set aside a statutory demand for payment in 2016. That matter was eventually settled.
A subsidiary of Sealink Travel Group lobbed a wind-up bid against the company in South Australia’s Supreme Court in late 2018 but that dispute was sorted out too.
FRAUD ALLEGATIONS
In case all that wasn’t enough, headaches flared again early last year for Margaret, who became sole director of the company in 2017 when Jason stepped down after almost six years at the helm.
Jason was charged with multiple fraud offences last year for allegedly misusing thousands of dollars paid by clients to bankroll a gambling habit or to give to his partner.
He is fighting five charges, including two counts of fraud over $30,000, in the case which is expected to go to trial later this year.
Specifically, he is alleged to have left dozens of corporate partygoers stranded when their Christmas parties failed to go ahead in late 2018.
He allegedly failed to provide transport, food, alcohol and entertainment to the clients.
Among the companies affected were Lloyds Auctioneers, Oracle Building Corporation, Kintetsu International Express and ID Event Australia.
Jason is also accused of improperly using a business’s credit card details to pay for helicopter flights, for removalists to help him relocate to a new home, to pay legal costs and to spend time at a Surfers Paradise resort.
Neither Jason, nor Bruce and Margaret, could be reached for comment on Thursday.
Margaret has previously denied in court any knowledge of the financial dealings of the company even though she co-founded the firm and served as sole director.
NOT SO SWEET
You might think that COVID-19 clampdowns would spur greater consumption of chocolate, arguably the ultimate in comfort food.
But you would be wrong.
Findings from a new report released Thursday by ag banking outfit Rabobank show demand for the cocoa derivative has “fallen significantly’’ in the past few months.
It turns out that a big part of chocolate demand comes from impulse and gift purchases made at retail shops, vending machines, airports and travelling in general.
“The instant gratification of an in-person purchase has been largely unavailable while consumers have been stuck at home and under government imposed lockdowns,’’ analyst Andrew Rawlings said.
“This, combined with the prospect of a recession, has seen consumers more likely to shun indulgent snacks, especially those considered a luxury.’’