Popular wedding and events venue suddenly goes under: ‘Unfortunately, we have finally succumbed’
- Popular venur Pialligo Estate has closed its doors
- Owner cited rising interest rates and cost of living
- Unclear what will happen to future bookings
A popular Australian wedding and events venue has been forced to close after battling financial pressures caused by the pandemic and the soaring cost of living.
Pialligo Estate, in Canberra, will close its doors after 10 years, with owner John Russell saying it has ‘finally succumbed’.
The stunning wedding venue and restaurant’s financial struggles were worsened by recent interest rate rises, Mr Russell said.
It was also damaged by two fires in 2016 and 2017, which gutted its smokehouse and restaurant.
In his online message, Mr Russell said it never recovered from the two fires.
Pialligo Estate, in Canberra, will close its doors after 10 years, with owner John Russell saying it has ‘finally succumbed’ to financial pressures
It was also damaged by two fires in 2016 and 2017, which gutted its smokehouse and restaurant
‘It is with a heavy heart that this evening I have to announce that Pialligo Estate has ceased trading,’ he said in the heart-wrenching message.
‘Pialligo Estate is a small local business and we are very much hurting for all those affected by its closure. Please understand we did everything in our power to try and keep the business running.
‘Over the 10 years we’ve had so many setbacks, including two fires, the impact of the NSW bushfires, lost vintages, the extended impact of Covid-19, and most recently the rapidly escalating interest rates.
‘Unfortunately we have finally succumbed to the impact of these events.’
The restaurant was taken over by financiers on Wednesday, who will now seek new owners.
Mr Russell added: ‘I have been unable to make an official announcement until now due to the ongoing negotiations with our financiers.
Pictured: Inside the stunning wedding venue
The popular wedding venue and restaurant’s financial struggles were worsened by recent interest rate rises
‘Unfortunately we could not negotiate with the financiers to continue to trade at Pialligo Estate. The future of Pialligo Estate is now in their hands. I hope that the next owner of the estate will love and care for it as much as we all did.
‘We wish the future owners success and we hope that the Canberra community will continue to support them in their new business operations in the future.’
Mr Russell thanked his staff: ‘Without your hard work and dedication we would not have made it this last 10 years.’
The final weddings at the venue took place last weekend. It is unclear what will happen to future bookings.
Guests were told of a ‘temporary closure’ via email on Friday, at the same time that the venue’s social media accounts were shut down.
Mr Russell did not say how much the business owed or how many employees were affected.
Read more at DailyMail.co.uk