The Hi-Fi Bar Venues Have Been Sold (Updated)

Beleaguered tri-city venues The Hi-Fi — which last month were all placed into administration — have been sold to new owners, it has been confirmed.

According to a statement from venue administrators Romanis Cant, which also takes pains to thank those involved in the process, all three Hi-Fi venues — one each in Brisbane, Melbourne and Sydney — have successfully had sales negotiated to newly registered business Max Watt's Operating Pty Ltd, based in Melbourne.

"It is expected that the sale transaction will be settled within two weeks," the statement said. "During this period, the Administrator and Max Watt's Operating Pty Ltd will be working with all stakeholders to ensure a seamless transition and a continued operation of the venues."

A knowledgeable source told theMusic.com.au today that staff have been called to attend a meeting tomorrow, at which further details will be made available. Regardless of the outcome of that meeting, the source said, the venues will deliver on their scheduled gig commitments.

Publicly available Australian Securities & Investments Commission and Australian Business Register records show that Max Watt's Operating Pty Ltd — formerly Bar & Venue Operations Pty Ltd — was registered on 5 February this year, with three separate three-year registrations taken out for the business names Max Watt's In Brisbane, Max Watt's In Sydney and Max Watt's In Melbourne.

All three registrations have their address for service of documents listed as courtesy of PGP Consulting, 530 Collins Street, Melbourne — PGP, like Romanis Cant, is an accounting consulting and advisory firm; however, it also lists an ostensibly residential address in the Melbourne suburb of Glen Iris as their principal location of business (even Brisbane and Sydney), so hopefully the particulars will become a little clearer in the wake of the venues' meeting tomorrow.

Either way, the main message in all of this red tape hoo-ha is that the venues are still staging their planned shows — Sydney's next gig will see Bonobo play to a sold-out audience on 20 March; the same evening, Northeast Party House will take to Melbourne's stage; and up in Brissy, Brooke Fraser graces the Hi-Fi's halls tomorrow night.

For more information about these and future gigs, hit theGuide or see The Music App.