Radio host Mark Levy's failed Pronto restaurant company debts balloon to almost $1.8m

The debts of radio host Mark Levy's collapsed restaurant company have trebled - but the popular announcer is plotting a rescue mission. See the full list of creditors

2GB broadcaster Mark Levy at his former restaurant in Sylvania, Pronto. Picture: Rohan Kelly

Debts of a failed restaurant owned by Sydney radio host Mark Levy have ballooned to almost $1.8m – and that’s not including 39 staff owed pay and entitlements.

A report lodged with ASIC by liquidator Mitchell Ball said Saint George Hospitality, the company behind Levy’s collapsed Sylvania restaurant Pronto, owed at least $99,000 to secured creditors, as well as another $1.66m to unsecured creditors – including $236,503 claimed by Levy himself.

Sydney construction and facilities management company Olima Industries is the largest creditor, and is owed $837,300, according to the report.

The tax office is listed as being owed $241,000, while another $237,500 is owed to Ainscough Holdings, the company which took the court action which led to the company’s liquidation.

Mark Levy.

Mr Ball’s report said the radio announcer intended to apply for the court-ordered wind-up to be reversed, so the company could be placed into administration while he worked out a rescue plan.

“The director has indicated that he is in the process of refinancing his real property in order to fund a Deed of Company Arrangement proposal with the aim of maximising return to creditors,” the report said.

Title records show there are two mortgages over Levy’s Sylvania home including one to Suncorp bank and one to Benjamin Yammine.

Mr Yammine, who was involved in a separate Supreme Court matter in which Levy was named, also holds a caveat over the property, as does restaurant creditor Ainscough Holdings.

The report suggested the true amount of debts was likely to increase, with many of the amounts owed still listed as unknown.

The company has no money in the bank and no substantial assets, the liquidator said.

Although the liquidator’s investigations are continuing, they may be limited, with creditors voting against paying his $30,000 bill for future work on the matter.

Levy, who replaced radio veteran Ray Hadley in the coveted 2GB Mornings slot, launched Italian eatery Pronto at Sylvania last July.

It closed in August this year, and the company behind it, Saint George Hospitality, was wound up in the NSW Supreme Court.

Levy told listeners of his broadcast in October that the business “just wasn’t sustainable to run” and would be sold to pay the debts.

“I can assure you, as I assured the paper, that any outstanding debts are in the process of being paid and will be fully settled when the transaction is completed,” he said.