Fika by Cuppa Flower hopes to sell, come out of voluntary administration
This Chippendale cafe cross florist was the darling of Instagram until the pandemic hit. But all hope is not lost with fresh plans to save the Millennials’ favourite.
Central Sydney
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An Instafamous cafe which has remained closed since the pandemic plunged it into voluntary administration may reopen its doors soon.
Fika by Cuppa Flower in Chippendale has been shut since late March and in the hands of administrators since June.
Now, plans to sell the cafe and therefore save the business can be revealed.
The cafe, an offshoot of the original Cuppa Flower florist/cafe hybrids in Mascot and Waterloo which boast 20,000 Instagram followers, is owned by hospitality duo Chanlin “Lynn” Kong and Wei “Carol” Xu.
Social media is adorned with hundreds of spectacular photos taken inside Fika featuring the colourful food and floral arrangements.
Worrells Solvency and Forensic Accountants have been handling the affairs of Cuppa Edge, the company under which Fika operates, and are hopeful of a good result.
A meeting of creditors, with the Australian Taxation Office being the main party owed money, was scheduled for last week.
However, Worrells senior manager Alex Siu said they postponed it to complete negotiations with a potential purchaser of the business and settle a proposal for a Deed of Company Arrangement.
“We are hopeful that a Deed of Company Arrangement involving the sale of the business will result in the cafe reopening in the near future and a return to creditors,” Mr Siu said.
Mr Siu said once the negotiations are finalised, the meeting of creditors will be reconvened to consider approving the proposal.
He urged anyone dealing with business closures, loss of trade or other challenges are affecting their financial position, or that of their clients, to seek professional advice.