Three runners in race for Italian Forum

EXCLUSIVE

A childcare provider, an Italian language association and the Actors Centre Australia (ACA) are vying to take over the Italian Forum Limited, it can be revealed.

Tick Tock Services would use a childcare facility to help subsidise the cost of running the Italian Forum Cultural Centre, if successful in its bid. Along with ACA, it has pledged enough funds to cover the $2.4 million IFL owes to creditors and in administration costs.

Casa d’Italia, which runs Italian language classes and community activities, is a popular choice among members of the local Italian community. But so far it has only offered $1.5 million.

At the time of going to print, administrator SV Partners was in negotiations with all three parties. An individual buyer named Umesh Garg, who also made an Expression of Interest, is not being considered.

Executive Director of SV Partners, Stephen Hathway, said there was no frontrunner at this stage. ACA has not yet established how it could finance the takeover, and the Inner West Independent understands that a joint solution may see Tick Tock Services seize control of the company and lease the facilities to ACA.

Mr Hathway said the Tick Tock offer “ticked a very serious box with regard to money and ticked another very serious box about revitalising the Forum in Leichhardt”.

But several IFL members and attendees of a public forum last Thursday expressed concern about the roof of the Centre being used as a childcare facility.

Gregory May of May Estates – the real estate agent managing the asset sale – said there were still a number of steps to go before a final bidder is decided upon.

“We are meeting this week with all of the interested parties,” he said. “We’ll be drilling down on each of the proposals and helping each party crystalise their positions before going to speak with the creditors.

“At the end of the day, the creditors need to be paid, so if two proposals have equal merit, we will put added focus on the best, long-term interest of the community.”

A crown covenant requires the site to be used at least in part for cultural activities.

Dean Carey, the founding director of ACA, said his organisation understood the requirements of running the centre.

“We have a group of nine full-time staff who could manage the facilities,” he told the Inner West Independent.

Mr Carey said ACA would move its full-time career program to the Forum, plus its weekly teaching staff of 45 and 350 students.

“ACA would develop a number of festivals using the space – including a young directors festival, a school Shakespeare festival and our open program of creative courses, which will inject vibrancy and commercial activity directly into the community.”

In its presentation at the public forum, the administrator was critical of IFL’s former management, noting a failure to hold Annual General Meetings, “inadequate focus on cost management” and “inadequate relationships with local business”.

A further meeting of creditors must be held before November 26. A final decision on the future of IFL is expected in late December or January.

With Michael Koziol