Luke Baylis is back in control of his Sumo Salad business and says close to two years of voluntary administration processes have shown him “you’ve got to keep fighting”.
The fast fresh food chain called in the administrators in June and a deed of company arrangement process was completed at the end of August, with Baylis returning as company director.
As part of the agreement, the business will divert more than $100,000 in cashflows over a 15-month period to its unsecured creditors, including the tax office.
The agreement means Baylis is back in the driver’s seat of the business he co-founded in 2003, saying things are very much now “business as usual”.
Last year, Baylis said Sumo Salad had reached almost $80 million in annual sales.
But it’s been a tough road for the franchised salad business, which put two leasing entities for its store sites into voluntary administration in June last year as the company fought to renegotiate lease agreements with Westfield shopping centres.
That process helped Sumo Salad negotiate with landlords, but one year later it called in the administrators for its 85-store network.
“Business is an incredible volatile game,” Baylis says. Read more
Emma Koehn – Brisbane Times – 11 Sep 2018