Company behind Frida Sol Mexican restaurant in liquidation over $535k tax debt, unpaid super

The company behind a well-known Gold Coast Mexican restaurant has gone into liquidation owing hundreds of thousands of dollars, with the tax office dealing a spicy final blow. Find out more

The company behind a well-known Gold Coast Mexican restaurant has gone into liquidation owing hundreds of thousands of dollars, with the tax office dealing a spicy final blow.

Liquidator Jason Bettles of Worrells was appointed to Boston Fern, which traded the Frida Sol restaurant at Palm Beach, on Tuesday.

ASIC records show Palm Beach man Ryan Renwick, 35, is the sole director and shareholder of the company, which was registered in 2018.

A liquidator’s report lodged with ASIC said known creditors included the ATO, owed more than $535,000 plus another $90,000 in unpaid super.

Business lender Prospa is owed $58,500.

Mr Renwick said Frida Sol, which opened in 2018, had been sold to another party and would remain open, but declined to comment further.

Ryan Renwick, operator of Bonita Bonita and founder of Frida Sol. Picture: Glenn Hampson

Mr Bettles said it was early in the liquidation and he was waiting for information about the sale of the business.

“Often a standard part of our involvement when there’s a sale of the business is that we have a look at it,” he said.

“That’s not to say there’s anything wrong, but ultimately we will look into that and report back to creditors.”

Frida Sol is the sister restaurant of wildly-popular Mermaid Beach venue Bonita Bonita – frequently reviewed as the best Mexican restaurant in town – which had its own financial struggles last year.

Administrators were appointed to the company behind Bonita Bonita, That Chef, in February 2023 under the Small Business Restructuring (SBR) scheme over debts totalling $840,000 – mostly to the ATO.

Actor Tom Hanks at Bonita Bonita & Bon Bon Bar, Mermaid Beach. Photo: Instagram / @micahwarz

The SBR scheme is designed to help companies navigate out of debts totalling $1 million or less.

Reports lodged by the administrators said the Covid-19 pandemic and associated restrictions had impacted the company.

It said a lease on Yard Cafe, which it operated from nearby, expired in June 2020 and was not renewed, forcing the closure of that business and the sudden loss of its income.

The company struck an agreement which saw it agree to pay out $168,000 in instalments to clear the debt and keep Bonita Bonita operating.