Investors in Matt Ward Productions $1.6m collapse told not to expect their money back
The $1.6m collapse of a high-profile theatre company has shattered friendships and destroyed trust, according to investors, who have been told they are unlikely to recoup any of their money.
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The $1.6m collapse of a high-profile theatre company has shattered friendships and destroyed trust, according to investors, who have been told they are unlikely to recoup any of their money.
Local business owners and friends of Matt Ward are among those who loaned funds to his production company, which was behind high-profile stage shows including Wicked; Billy Elliot; Priscilla, Queen of the Desert; Mamma Mia; and Beautiful.
The company was placed into liquidation on December 6.
Creditors include well-known business people and their companies – as well as a relative of the young star who played Billy Elliott in the 2023 musical of the same name.
Mr Ward and his partner Matthew Sinclair, the company’s operations manager, are listed as owing money borrowed from the company, with Mr Sinclair owing $32,606 and Mr Ward owing $1977.
Liquidator Glenn O’Kearney of GT Advisors, in his latest report, said Matt Ward Productions had likely traded while insolvent and that it had logged a net loss of $1.5m in the 2023 financial year.
He said lower than anticipated ticket sales revenue from the company’s 2023 productions, Beautiful and Billy Elliot had contributed to the failure, as well as a reliance on “external private lenders”.
For creditors like businessman Simon Pugh, whose company is owed $112,000, the sting is more than financial.
“We were very good friends, we travelled with them,” he said of the pair.
“We would never have invested in a musical otherwise, ever.
“It’s divided our friendship group – it’s just sh***y.”
Mr Ward said he deeply regretted “the adversity caused for my financial supporters”.
“I will always be incredibly grateful for their commitment to my vision to create opportunities for the arts on the Gold Coast,” he said.
“I also deeply regret the loss of future employment many local artists and arts workers enjoyed regularly because of our productions.”
Mr Pugh said he’d loaned Mr Ward's company $100,000 in April 2022, under a loan agreement which required repayment by August of that year.
When the payment was late, he gave his friends the benefit of the doubt.
“We were friends so we thought we’d help a mate, they’ll pay it back eventually,” Mr Pugh said.
Among the other debts named in documents is $369,000 owed to Carl Schuster; $250,405 to Dianne Dahl; $235,000 to Nixon Superannuation; $78,880 to Meriton Property Services; $34,874 to The Advertising Works; $4000 to Josh McIntosh; $3300 to public relations company LMPR; and $2136 to accountant Dean Robbin.
Matt Ward Productions also owes $115,000 to Tina Layt, who runs high-profile Gold Coast plastic surgery business The Layt Clinic with husband Craig.
Public records show Ms Dahl registered a security interest over all assets of Matt Ward Productions on September 6, 2023.
It’s understood Ms Dahl is closely related to Ethan Dahl, who played namesake character in the Billy Elliott musical.
Mr O’Kearney’s report said he was investigating whether a $641,594 payment to the secured creditor, at a time he believed the company may have been insolvent, could be claimed back.
Mr Ward said his company had committed to staging Beautiful before the results of Billy Elliott were clear.
“There were strong indicators that the second production would be a commercial success and enable to repayment of creditors,” he said.
“It wasn’t until very late in the second production’s season that the final financial position was clear.
“I have cooperated fully with the liquidator throughout the process and will be addressing any inaccuracies regarding personal expenditure and personal funds lent to the company.
“I remain committed to ensuring the greatest outcomes for all creditors.”
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