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Pinot & Picasso enters administration
The popular ‘paint and sip’ business, with more than 75 venues across Australia, New Zealand and the UK, has started the process of administration, db can report.
The directors of ‘paint and sip’ business Pinot & Picasso has blamed cost-of-living concerns as its reason for filing for administration. The company, which entered administration last week but will continue trading throughout the process, says that a reduction in “discretionary consumer spending” has dented its profits as “Australians and other customers look to tighten entertainment budgets.”
Pinot & Picasso offers “relaxing, beginner-friendly paint and sip experience” for parties and corporate gatherings, and has franchises in multiple states across Australia and New Zealand. The company also operates in the UK, with four venues in Brighton, Leeds, Liverpool and Shoreditch.
The concept sees guests paint their own artworks around set themes such as different countries, musical bands, plants or animals, as well as paint-in-the-dark sessions using neon paints, while enjoying a glass of wine. All drinks are purchased separately and a sample wine list at the Shoreditch, London, branch includes Pot Luck Pet Nat Pinotage, Love Bite Cinsault and White Lies Skin Contact Pinot Gris, priced between £6.50 and £9 per glass.
Painting sessions are hosted by a resident artist who guides guests through the process of creating their own canvas. Each session lasts for two to three hours.
A page on Pinot & Picasso’s website espousing the benefits of joining the franchise says: “Our profitable business model is proven, tried and tested across 75+ paint and sip studios” and highlights the business’ “lower-entry price point compared with other widely adopted franchises”, with a “percentage-based royalty system that encourages HQ to work closely with the Franchisees for the best results.”
According to a report by SmartCompany, the business is now undertaking an urgent assessment of its financial position and is open to exploring the restructuring or recapitalising of the the business.
It will also consider selling the Pinot & Picasso business as a going concern.
“The continued support of customers and franchisees of the companies will maximise the chances of the companies’ business continuing beyond administration and will likely lead to a better outcome for all creditors of the companies,” the company said in a statement.
The first meeting of creditors is set for next Tuesday 24 September.
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