Restaurateur TJ Peabody cut off by rich-list father

THE heir to one of Australia’s biggest fortunes has told friends he has been cut off by his multi-millionaire father, after the closure of his dining empire.

TJ Peabody at Nantucket Kitchen and Bar, which he opened at Indooroopilly Shoppingtown. File picture

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THE heir to one of Australia’s biggest fortunes has told friends he has been cut off by his multi-millionaire father, after the closure of his dining empire.

Brisbane restaurateur TJ Peabody is understood to have confided that the restaurant assets have been taken over by his father, in a bid to repay business losses after he was forced to close four high-end restaurants within six months.

Terry Peabody is one of Australia’s richest men with an estimated worth of $584m. File picture

The move came as former workers of TJ Peabody described him as a “rich, spoiled show-off’’ and a “flamboyant party boy’’ who they claimed failed due to his inexperience in hospitality.

The Courier-Mail reported on Saturday that TJ Peabody, the son of Terry Peabody — one of the country’s richest men with an estimated worth of $584 million — unexpectedly closed two of his Brisbane restaurants Nativo Kitchen & Bar and Burnt Ends.

The announcement was made to staff via email while TJ Peabody and his family were enjoying a luxurious ­skiing holiday in Whistler, Canada.

The sudden closures — that left 21 staff jobless and suppliers owed thousands — followed two earlier closures of Nickel Kitchen and Bar in Fortitude Valley and Indooroopilly’s Nantucket Kitchen and Bar, from financial woes.

Nativo Kitchen has closed, with staff told by email that they no longer had jobs. Picture: Steve Pohlner/AAP

A source close to the family, who does not want to be named, said that Terry Peabody (Sr) had become tired of lending his son money towards the failing restaurants and cut him off.

An audit on the failing restaurants by Eldred Hospitality was ordered at the end of last year, reportedly by Terry Peabody, to find out where the businesses were going wrong, with TJ making the final call a fortnight ago to close them and pay out suppliers and staff.

Some staff received their redundancies this week.

Sources say they believe it was TJ Peabody’s “flamboyant” ways that led to the restaurants’ undoing.

Former chef Nathaniel Pearson said that Mr Peabody treated the restaurants, ­particularly the businessman’s first foray into hospitality, Nantucket, like an opportunity to brag to his wealthy friends.

“He was very much a flamboyant party boy showing off to his friends. A rich, spoiled show-off,” he said.

Nathaniel Pearson worked as a chef at Nickel and Nativo. File picture

Mr Pearson, who worked for Mr Peabody’s NKB Group for more than a year, said the restaurateur would often entertain his friends at Nantucket, recalling a lunch which started at 11am and continued until 4am the next day.

“I think I saw him three or four times in a managerial type sense, all the other times he was there with friends ­partying.

“He was using it as his own back club,” Mr Pearson said.

Financial troubles forced Mr Peabody to close Nantucket in May last year, but Mr Pearson said the parties continued at Nickel Kitchen & Bar in Fortitude Valley, which was opened shortly after, with police called on one occasion to remove a rowdy friend of Mr Peabody’s who had been abusing staff and causing a disturbance.

TJ Peabody at the now-closed Nickel Kitchen and Bar in Fortitude Valley.

“It got to the point where our head chef in the kitchen almost had to go and assist with the eviction of said customer before the police arrived because it was getting violent,” Mr Pearson said.

Fellow former Nickel employee Kiri Dale said that it was common practice for Mr Peabody to have his wealthy friends come in and treat the restaurant like a private ­playground.

“He had his friends in quite a lot and there were certain occasions where his friends would abuse front of house and make a ruckus through the whole restaurant and ­people would actually leave because they were so unfriendly,” Miss Dale said.

Another former employee, who does not want to be named, said when the bad behaviour of the customers was brought up with Mr Peabody, he told staff they’d simply have to deal with it because they needed the money.