Fishburners, the Sydney co-working space that grew into one of Australia’s most influential startup communities, has entered voluntary administration.
The administration spells an uncertain future for the not-for-profit, which evolved from a single hub in Ultimo to a community spanning over 35,000 entrepreneurs.
Documents listed by the Australian Securities and Investments Commission show Fishburners appointed Phil Quinlan and Gayle Dickerson of KPMG as administrators on Wednesday.
In a statement, the voluntary administrators confirmed they will continue trading Fishburners, as they “undertake an immediate assessment of the business, in tandem with an accelerated sale and recapitalisation process”.
The board of Fishburners said the decision to appoint administrators was linked to “failed efforts to resolve long-standing rental legacy debt” at the government-backed Sydney Startup Hub, which it called home for several years.
Those debts, combined with “subsequent operating losses”, convinced the board a “formal restructuring process is the most effective way to achieve a sustainable future and continuity for the thousands of tech entrepreneurs who rely on Fishburners’ support services”.