Panini’s Bakery owner Renicole Pty Ltd liquidated with $800k debt

New details have emerged about the shock closure of a popular Gympie bakery only weeks out from Christmas.

Panini's Bakery and Cafe has been put in the hands of Worrell's liquidator Paul Nogueira following its sudden closure on Wednesday December 14, 2022

A popular Gympie bakery which abruptly shut its doors weeks from Christmas is being liquidated over an outstanding debt which was creeping towards $1m.

The parent company of Panini’s Bakery and Cafe, Renicole Pty Ltd, was wound up and moved into the hands of Worrells’ liquidator Paul Nogueira on Friday.

The initial director’s report lodged with ASIC reveal the bakery owed about $800,000 when it was shut.

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The largest slice of this was owed to the Australian Taxation Office, with a debt of $395,364 listed.

Two other debts existed with the National Australia Bank worth a total of $325,043.

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Panini's Bakery and Cafe customers were shocked by its sudden closure on Wednesday December 14, 2022, with a post on its Facebook page announcing the closure on the back of “the hardest year yet”.

Fourteen other companies were listed as being owed money.

The largest of these was $37,701.56 owed to ingredient provider Allied Pinnacle.

The remainder of the outstanding debts ranged from about $1000 to $10,000.

The report revealed the directors were each owed a significant amount in holiday leave never taken.

Director Nicole Ross and Jarrad Ross reported a combined $32,806.29 owed to them in annual leave or holiday pay, the report shows.

Panini's Bakery and Cafe was flooded in the February 2022 disaster, where Gympie's floodwaters reached their highest level in more than 100 years.

A significant number of assets were also listed which should help mitigate the bill.

More than 100 items were listed among a grand total of $600k in assets by Renicole.

Mr Nogueira and Worrells has been contacted for comment.

The company’s shock closure on Wednesday was met with surprise and support from its long-time customers.

In a Facebook post shortly after midday announcing the shutting of the shop, the spokesman said 2022 was “the hardest year yet”.

“Due to the floods and personal health reasons, we have been tested, turned upside down and stretched to our limits,” the message said.

The bakery was inundated in February when the Mary River’s floodwaters reached their second highest peak in recorded history.