Luxury food hall Mercado goes into voluntary administration

After its shock closure last week, Brisbane’s upmarket food hall Mercado has gone into voluntary administration.

A French patisserie was also amongst the offering at Mercado. Picture: Mark Cranitch

AFTER its shock closure last week, Brisbane’s upmarket food hall Mercado has gone into voluntary administration, with owner Tony Nguyen blaming tough trading.

Accounting firm Hall Chadwick was appointed on Tuesday to handle the future of the luxury dining and marketplace in Bowen Hills.

Letters of demand for alleged debts landed just after Mercado‘s opening

Gourmet Brisbane food retailer Mercado’s shock closure

Review of Mercado Bistro in King St, Bowen Hills

How much money is owed by King Street Marketplace Pty Ltd. Trading as Mercado is unknown at this stage, but suppliers such as Vic’s Premium Meats claim they are owed in excess of $50,000, while lawsuits have also been filed, with Australian Liquor Marketers lodging a claim in Brisbane District Court last month against Mr Nguyen and the company. Kitchen equipment leasing group Silver Chef Rentals began proceedings against Mr Nguyen and his wife, Thi Nhung Bien, in the same court this month. A seafood company has also taken against legal action in NSW against King Street Marketplace Pty Ltd.

Restaurant The Duck Room at luxury Bowen Hills food hall Mercado. Picture: Mark Cranitch

Mr Nguyen said tough periods of trading brought about by “seasonal change” were behind the company going under since its spectacular opening in November last year. The fit-out alone reportedly cost $10 million, designed to rival that of iconic overseas gourmet precincts Harrods Food Halls in London and Paris’ Lafayette.

“It is with great regret that we have put Mercado into administration. The future of Mercado is in the hands of the administrators who are in the process of assessing the company’s position,” he said.

“We understand this is a difficult time for everyone involved, and we are working with

administrators to ensure the best possible outcome for all parties, including employees and

creditors of the business.”

Mr Nguyen said he was “saddened” by the closure.

“Mercado was a longstanding dream of mine. It took a lot of will power and ambition to bring to life what I and many others believe to be a phenomenal concept. It’s heartbreaking to see Mercado like this,” he said.

Mercado included a high end bottle shop selling upmarket spirits and French champagne. Picture: Mark Cranitch

Glenn Shannon from Hall Chadwick Insolvency said he was still assessing the potential future of the company, with anyone owed money to be invited to a meeting on May 23 to discuss the administration.

“We will be in a position to decide on the company’s future after the meeting. Hall Chadwick’s main priority is to protect interests of the staff and others who are owed money through this collapse,” Mr Shannon said.

Stakeholders will be kept up to date on the future of Mercado via their website,

mercadobrisbane.com.au. Creditors are advised to await further contact.