A number of Pinot & Picasso studios face an uncertain future after their parent companies entered voluntary administration.
There are currently more than 40 Pinot & Picasso studios around Australia, allowing people to book a group painting session where they’re guided on how to recreate a piece of art while enjoying a few drinks.
Salea Advisory was appointed administrator of Veuve Ventures Pty Ltd and its subsidiary companies, which runs seven Pinot & Picasso studios in various Australian states, on September 12.
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All other studios are independently owned and are not under administration.
The directors of the affected companies said the reason for the appointment was, “largely attributable to a reduction in discretionary consumer spending, as Australians and other customers look to tighten entertainment budgets,” a letter from Salea Advisory said.
Pinot & Picasso venues are located in Victoria, Western Australia, South Australia, New South Wales and Queensland.
Administrator Sule Arnautovic said there were 16 full-time staff and 41 casual staff employed across the seven company-owned studios under administration.
About seven redundancies were made as a result of the administration process, he said.
“I am moving as quickly as possible to preserve as much of the business and as many jobs as possible,” Arnautovic said in a media release.
“For current franchisees and customers, I am aiming to reduce the impacts on business operations and ensure the companies’ business continues as consistently as possible through this period.”
Salea Advisory is looking to restructure or sell the businesses.
It said the future of the companies will be decided later this year.