Prominent waterside venue Club Rose Bay shut down on Friday, August 30, 2024, just one day after the grand opening of its new Italian Bistro, Villaggio. The closure came as a shock to the community, especially given the celebratory atmosphere of Thursday night’s event, which featured complimentary pizza and pasta.
The club’s financial troubles were not publicly known until the closure. Australian Securities and Investments Commission (ASIC) documents reveal that Club Rose Bay had been placed into administration on August 15, 2024. Administrators Hugh Armenis and Jason Lloyd Porter of SV Porters were initially attempting to keep the club operational while exploring future options.
However, the situation changed dramatically on Friday when receivers Simon Cathro and Andrew Blundell of Cathro & Partners were appointed by a secured creditor. This led to the immediate closure of the club and the termination of approximately 20 casual staff members.
Financial records indicate that Club Rose Bay had been struggling for some time. The club reported a loss of over $350,000 in 2022, followed by a smaller but still significant loss of just over $40,000 in 2023.
The closure affects not only club members and staff but also the newly opened Villaggio restaurant. Villaggio, which operates independently and has locations in other Sydney clubs, has removed mentions of Rose Bay from its social media posts. The restaurant continues to operate at its other locations, and there is no indication that Villaggio itself is facing financial difficulties.
As of Sunday, September 1, Club Rose Bay’s social media pages had not acknowledged the closure. Instead, they were still promoting event bookings at the venue, highlighting features such as the “newly refreshed Deck Bar Lounge” and the “upstairs Monash Hall.”
Published 2-September-2024