An insolvency notice published by corporate regulator ASIC yesterday says liquidators have been appointed to wind up the company Hindley 128, which was previously known as Strats Total Entertainment Australia.
Strats General Manager Strat Costoglou told InDaily South Australia’s 3am lockout laws, imposed in 2013, had slowly “killed” his business.
However he insisted “everything is okay”, that the club was still operating and that it would trade “forever”, in some form.
Worrells Solvency and Forensic Accountants have been appointed to wind the company up.
Costoglou told InDaily this morning that: “The lockout laws killed us, mate.”
“We weren’t coping … we had to restructure.
“Everybody’s just stopped coming into the city.”
He insisted Strats was only undertaking “a restructure” but conceded that he was not sure what exactly was happening to the business.
“Strats will be there forever,” he said.
“We’re still going to operate until we can’t.
“(But) I’m probably going to have to sell.”
Costoglou said he had worked for clubs on Hindley Street for years before he opened Strats in 1994.
The state-wide lockout laws, which came into effect in 2013, prevent patrons from entering a licenced venue after 3am.
Further restrictions were implemented in 2015, preventing, among other things, the distribution of free alcoholic drinks after midnight.
The Government argues the measures reduce late-night violence.
Costoglou said he was nearing retirement in any case and that operating the venue had taken a toll on his health.
He said he suffered a heart attack last year and sometimes struggles with walking.
Costoglou added that the night-time scene in Adelaide was not as vibrant as it had been in previous times.
“I’ve been on that street (for) 35 years,” he said.
“Hindley Street’s not going well.
“It’s the worst I’ve ever seen it.”
Costoglou said he would speak to his accountant to clarify the status of the business.
West End Association President Andrew Wallace told InDaily that the demographics of Hindley Street patrons had shifted over the years, placing pressure on long-standing venues.
“What we’ve always wanted (was) for more diversity in the street, but also to maintain the longer term businesses,” he said.
“That’s slowly happening (and) we’re probably experiencing a saturation of the market for larger venues.
“Maybe some business models might need to change.”
InDaily contacted Worrells for comment, but we did not receive a response before deadline.
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