Fleet Street Social at Port Noarlunga collapses, new owners step in
New operators have taken over Port Noarlunga eatery and functions venue Fleet Street Social following the collapse of its original owner.
New operators have taken over Port Noarlunga eatery and functions venue Fleet Street Social following the collapse of its original owner.
Liquidators have been appointed to wind up Fleet Street Social Pty Ltd, headed up by sole director and shareholder Adam McGuinness, who opened the venue with Jayden Broughman in 2022.
Mr McGuinness said the decision to wind up the company had been taken for “personal reasons”, and was not a reflection of the challenges facing the broader hospitality industry.
He confirmed the new owners would continue to trade the venue, known for its bottomless brunches, share plates, cocktails and live music.
The hospitality industry has struggled to bounce back from the pandemic, with rising costs and the cost of living crisis adding more pressure to operators.
Close to 150 cafes, restaurants and takeaway services slipped into insolvency last year, with hospitality making up more business collapses than any other industry.
The construction industry was second with a total of 102 companies going into liquidation, administration, or restructuring plans, out of a total of 650 business insolvencies across the state.
Fleet Street Social liquidator Stephen James from BCR Advisory said the business had found trading conditions “difficult”, with “rising input costs and cost of living pressures”.
He would not comment on the company’s debts to creditors.
The restaurant, on Saltfleet St, was reprimanded last year for a licensing breach after police spotted a customer drinking while standing. The venue later obtained an updated licence allowing it to operate as a bar and serve drinks to standing guests.
Mr McGuinness, who opened Fleet Street social after 10 years of experience as a chef, continues to run Lenny’s Bagel Deli & Coffee, which he opened on Brighton Rd last year.
Originally published as Fleet Street Social at Port Noarlunga collapses, new owners step in
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