Showbiz enters voluntary administration
Ticketing company Showbiz entered administration last week with the Business Recovery and Insolvency team at PKF Lawler appointed Voluntary Administrators of the company.
The specialty ticketing agency for concerts, events and music theatre (providing packages to consumers including hospitality, premium seats and merchandise) passed a resolution on April 3 to enter into administration. The Administrators (Brad Tonks and John Vouris of PKF Lawler) will be assessing Showbiz’s position to “determine the possibilities available for a restructure”, according to the holding page which now appears in place of the full Showbiz website.
It is understood that discussions are in place with a “number of interested parties” which could result in the sale of the company, but until such time as a resolution occurs, all future ticket sales are on hold.
PKF Lawler’s Bradley Tonks gave an interview to online site themusic.com.au last week, saying that the decision to enter administration “wasn’t forced upon them”.
“This was the decision that the company’s board made, it wasn’t forced upon them,” he said.
Showbiz has “faced challenges in recent times and they’d had discussions in recent times with parties about potential transactions, Tonks said. PFK Lawler are now set to go about, “Talking with those interested parties about potential re-structuring processes.”
This will no doubt affect many patrons across the country with Grease and Wicked among the music theatre events promoted and on-sold by Showbiz. All showbiz customers with an enquiry about an existing purchase should contact [email protected]
Any other party with an enquiry in relation to the Voluntary Administration is encouraged to contact PKF Lawler at [email protected] or to address correspondence to:
The Administrators
Showbiz International Pty Ltd
C/- PKF Lawler Partners
GPO Box 5446
SYDNEY NSW 2001, AUSTRALIA
To read full statement, visit showbiz.com.au
