Wedding planner business buyout revealed
AN AIRLIE Beach business has announced it will be taking control of the Wedding Planners Whitsundays, following the company's shock liquidation earlier this month.
Fish D'Vine director Kevin Collins confirmed his business would be conducting an early takeover of the company effective November 10, that will include the rights to The Wedding Planners Whitsundays IP and website.
He added the takeover would honour all deposits paid by brides and grooms, but it would come at a cost.
Mr Collins said there were about $100,000 in lost deposits the business would have to absorb as a result of the purchase.
The catering bill alone his company will have to absorb was estimated at $25,000, which is only a small part of the overall contribution of the industry.
"We've got some internal accounting strategies and we're going to operate at a significant loss for a while until we build some momentum,” he said.
Mr Collins said the decision for Fish D'Vine to purchase the IP and web domain wasn't taken lightly - extensive talks with key players in the company and the receivers to get their "heads around how much money was involved” went on for several days.
"It was absolutely a business decision and maybe not a very smart one short term - long term it will be,” he said.
Mr Collins, said it would have been 'catastrophic' for the region as a whole, had suppliers not joined forces to ensure brides and grooms didn't take the fall.
The entire industry had fronted up to do weddings 'for nothing', he said.
From the date of the liquidation, October 4 until November 10 there were a dozen weddings paid in full and these couples would have been hardest hit, had the industry not rallied.
"Where possible suppliers are honouring their commitments in full. It's wonderful of them - it's a lot of money involved and of course they have a right to feel angry in the process,” he said.