Canberra wedding venue Pialligo Estate suddenly goes under amid soaring costs
Popular wedding and event location suddenly goes under: ‘Unfortunately we have finally succumbed’
- Popular venur Pialligo Estate has closed its doors
- Owner mentioned rising interest rates and cost of living
- Unclear what will happen to future bookings
A popular Australian wedding and event venue has been forced to close after facing financial strain from the pandemic and rising costs of living.
Pialligo Estate, in Canberra, will close after 10 years, with owner John Russell saying it has ‘finally succumbed’.
The beautiful wedding venue and restaurant’s financial problems were exacerbated by recent interest rate hikes, Russell said.
It was also damaged by two fires in 2016 and 2017, gutting the smokehouse and restaurant.
In his online post, Mr Russell said it never recovered from the two fires.
Pialligo Estate, in Canberra, will close after 10 years, with owner John Russell saying it has ‘finally succumbed’ to financial pressure
It was also damaged by two fires in 2016 and 2017, which gutted the smokehouse and restaurant
“It is with a heavy heart that I must announce tonight that Pialligo Estate has ceased trading,” he said in the heartbreaking message.
“Pialligo Estate is a small local business and we are deeply hurting everyone affected by the closure. Please understand that we have done everything we can to keep the business running.
“In the last 10 years we have had so many setbacks including two fires, the impact of the NSW bushfires, lost crops, the extensive impact of Covid-19 and most recently 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 are now looking for new owners.
Mr Russell added: ‘I have not been able to make an official announcement as of yet due to the ongoing negotiations with our financiers.
In the photo: in the beautiful wedding location
The popular wedding venue and restaurant’s financial problems were exacerbated by recent interest rate hikes
‘Unfortunately we were unable to negotiate with the financiers to continue trading on Pialligo Estate. The future of Pialligo Estate is now in their hands. I hope the next owner of the estate will love and care for it as much as we all do.
“We wish the future owners the best of luck and hope that the Canberra community will continue to support them in their new business in the future.”
Mr. Russell thanked his staff: “Without your hard work and dedication, we wouldn’t have made it over the last 10 years.”
Last weekend the last weddings took place at the location. It is unclear what will happen to future bookings.
Guests were told of a ‘temporary closure’ via email on Friday, at the same time as the venue’s social media accounts were shut down.
Mr Russell did not say how much the company owed or how many employees were affected.