One of the City’s foremost cultural precincts has become the biggest casualty to date in the wake of social distancing measures.
Late on Monday the institution was handed over to KPMG and Philip Quinlan to undertake the administration and restructuring process. This moves comes after the group was forced to layoff a majority of their staff last month asa. result of the negative impact from COVID-19 prevention measures.
At that time the then CEO Blair French told staff, “It is not possible for the company to continue business as usual… there has been a significant reduction in our revenue stream. Consequently, our cost base must be urgently reduced.”
With the venue incredibly reliant on large-scale events and audience attendance this move towards administration was inevitable with sustained social distancing measures likely.
Whilst this is a sudden and deeply saddening move for the local arts community French says, “the board remain hopeful that the Carriageworks facility will be able re-open to artists and community alike once NSW emerges from the effects of the current pandemic.”