Liquidators to probe finances for KCs Bakery operator in Molendinar on Gold Coast

The directors of a failed Gold Coast bakery have decided to call in the liquidators after the business struggled with cashflow.

LIQUIDATORS will comb through the finances and assets of a failed Gold Coast bakery after the company’s shareholders decided to voluntarily wind up the company.

Australian Artisan Bakery Pty Ltd, which trades as KCs Bakery, ceased operating this week with the landlord changing the locks at the company’s 6 Depot Court premises in Molendinar.

KCs Bakery has been making meat pies, sausage rolls and cakes since 1995.

In 2017 it was taken over by Australian Artisan Bakery Pty Ltd, linked to directors Mark Gabites and Daniel Pardy, who together own 95 per cent of the company.

KC’s Wholesale Bakehouse at 6 Depot Court, Molendinar, locked its doors on Monday.

Mark Pearce, of Pearce & Heers Insolvency Accountants, yesterday said a comprehensive list of creditors has yet to be compiled.

He said the company’s shareholders voluntarily decided to call in the liquidators on Monday.

Mr Pearce said the business has been under new ownership for the past 18 months and had struggled.

“It was incurring losses and they have had significant cashflow difficulties with the business,” he said.

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Mr Pearce said they have already fielded interest from competitors in the baking business who were interested in buying the company’s significant stores of plant and equipment.

He said another option on the table is to sell the business.

Mr Pearce said his focus is on achieving the best price possible for the company’s assets and also recovering funds for creditors.

However, he said no creditors’ meeting is necessary at this stage.

Mr Gabites describes himself as a co-owner of the business on a social media profile and “a specialist in turning around poor performing businesses”.

He was previously general manager at Sydney-based Manassen Foods.