Restaurant companies of Grass is Greener founders Oli Frost and Johnny Eddings in liquidation
An ironman champ is listed as almost $30,000 out of pocket amid claiming he was “squeezed out” of a trendy restaurant he’d invested in with “mate” Oli Frost. Read why Matt Poole is fuming
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A champion ironman is fuming after being “squeezed out” of his stake in a trendy Burleigh restaurant - which continues to operate without him - amid claims he’s lost money.
Ironman champion Matt Poole bought in as a partner of trendy James St restaurant Maman, but has now finds himself almost $30,000 out of pocket as a shareholder of a company with no business and virtually no assets.
Adding to the sting are social media posts from his former business partner Oli Frost travelling the world enjoying luxury holidays and a “lavish lifestyle” with his glamorous high-profile fiancee.
Three restaurant companies operated by failed music festival The Grass is Greener co-founders Oli Frost, also known as Oliver Fines-Frost, and Jonathan “Johnny” Eddings went into voluntary liquidation, and another into voluntary administration, on July 24.
They include the entities behind Burleigh influencer hot spots Maman and Naami, Surfers Paradise burger joint Milky Lane and Lucia Tapas at Tugun.
Despite the company collapses, the restaurant websites, booking portals and social media pages remain open and a slew of new companies with similar names have been created by the festival founders.
Maman Bar & Kitchen was still taking bookings this week despite the company that launched it being in voluntary administration.
Mr Frost and Mr Eddings have multiple directorships and shareholdings in the failed restaurant companies.
Maman opened with a star-studded party, amplified by the presence of Mr Poole - a 2017 NutriGrain Ironman series champion - and social media superstar Tammy Hembrow, his partner at the time and mother of his daughter.
“I was a friend of Oli’s and when he asked me to invest in his business I thought he would always act in the best interest of the business and me as a friend,” Mr Poole said.
“It’s really disappointing to see he’s closed Maman Bar and Kitchen (the company)... and I have been squeezed out.
“I’m now a retired athlete and a single dad so it’s pretty disappointing.”
Neither Mr Frost nor Mr Eddings responded to questions from the Gold Coast Bulletin on Wednesday.
The company behind The Grass is Greener, Hand Picked Events and Marketing, went into liquidation on July 17, owing more than $3m to suppliers, artists and others.
More than $700,000 in festival funds was found to have been loaned to the founders’ restaurant companies which would never pay them back.
The situation stings harder for creditors like Mr Poole, who have seen social media posts showing Mr Frost jetting around the world with his fashion designer fiance Nikki Westcott at the same time as the businesses were struggling.
“I’ve tried multiple times to find out from him how the business is going or where my money is but I never get a response,” he said.
“To learn about the music festival owing ticketholders, small businesses, supplier and artists a substantial amount of money, and to now see Maman and other business in liquidation owing more substantial debts, I find it concerning for Oli to be overseas on holidays living a very lavish lifestyle with his fiance.”
Liquidator John Morgan, the same liquidator dealing with the collapsed festival company, has been appointed to all the liquidating restaurant companies and to the voluntary administration of Maman.
The collapsed Maman Bar and Kitchen company is solely directed by Mr Frost’s mother Karen Fines.
According to Ms Fines’ report on company’s affairs lodged with the liquidator, Maman owes $216,000 in tax, $25,000 in superannuation and $18,262 to suppliers.
Shareholders are also listed as creditors, including Mr Poole with a $28,893 loan and Mr Van Zeeland with $13,205.
Ms Fines has listed her son as the largest non-tax creditor, with Mr Frost reportedly owed $100,539 for a loan.
A new company, Maman Bar & Kitchen GC, was created in May this year.
It is directed by Mr Eddings and ultimately held by Mr Frost through his company Project Opulence.
Meanwhile, Lewis Invest Holdings is the second company in two years to go into liquidation after operating Milky Lane at Surfers Paradise.
Both failed Milky Lane companies were directed by Mr Eddings, 44, and between them received $216,417 of festival money which will never be repaid.
Shareholders of Lewis Invest include Mr Eddings, Mr Frost and a company directed by Brisbane businessman Stirling Sanderson.
The Gold Coast Bulletin has contacted Milky Lane’s Sydney head office for comment on the repeated insolvencies of companies which operated the franchise.
The head office for the Sydney-based Milky Lane franchisor did not respond to the Bulletin’s inquiries.
Nam Bar, which launched cocktail bar Naami, is directed by Mr Frost and has the same shareholders as Lewis Invest.
Another new company, called Naami, was formed in May with Mr Eddings as sole director and Mr Frost’s Project Opulence as a shareholder.
Mr Frost is also sole director of Tugun Beers – the company that opened Lucia Tapas, which is ultimately held by his Project Opulence company.
Project Opulence is also a shareholder of a new company named Lucia Tapas Garden, which was created in May and is solely directed by Mr Eddings.
Ms Fines and her sister Elizabeth, through a family partnership, also operated a Maman restaurant at Port Douglas which has permanently closed.
If a director has been involved with two or more companies that have gone into liquidation within the last seven years and paid their creditors less than 50 cents in the dollar, ASIC may disqualify them from managing corporations for up to five years.
Restaurant companies which received money from The Grass is Greener
Lewis Invest Holdings Pty Ltd (in liquidation): Operated Milky Lane Surfers Paradise from December 2021 until it went into liquidation in July. Directed by Mr Eddings, who co-owns it with Mr Frost.
Nam Bar Pty Ltd (in liquidation): Company that was behind cocktail spot Naami at Burleigh Heads, directed by Oli Fines-Frost and co-owned with Mr Eddings and a Brisbane investor.
Tugun Beers Pty Ltd (in liquidation): Operated the Lucia Tapas Bar at Tugun, directed by Mr Frost, who co-owns it with Mr Eddings.
MAMAN Bar and Kitchen Pty Ltd (in voluntary administration): Operated the restaurant of the same name in Burleigh Heads. It’s directed by Mr Frost’s mother Karen Fines. Shareholders include Mr Frost, Ms Fines and Ironman Matt Poole. Although Mr Frost’s report to administrators did not declare money owed to the festival by Maman, they found it owed $1437.
Investment Holdings Australia 88 Pty Ltd (in liquidation): Operated Milky Lane Surfers Paradise before going into liquidation in December 2021. Directed by festival co-founder Jonathan Eddings and Oli Frost’s mother Karen Fines.
New companies
Naami Pty Ltd: formed in May with Mr Eddings as sole director and Mr Frost’s Project Opulence and Mr Eddings’ Project Prosperity as shareholders.
Lucia Tapas Garden Pty Ltd: created in May and is solely directed by Mr Eddings. Mr Frost’s Project Opulence and Mr Eddings’ Project Prosperity are its shareholders.
Maman Bar & Kitchen GC Pty Ltd: created in May and solely directed by Mr Eddings. Mr Frost’s Project Opulence is sole shareholder.
ADP Operations Pty Ltd: Formed in April with Mr Eddings as sole director. Sole shareholder is Project Prosperity Holdings, which is directed and held by Mr Frost’s aunt Elizabeth Fines.
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