Bankruptcy of a well-known luxury restaurant worth millions

“In the heart of Graz’s enchanting old town, the Glockenspielkeller welcomes you – a place where tradition meets innovative cuisine. Immerse yourself in a world full of taste, hospitality and historical atmosphere, which we have reinterpreted for you with fresh ideas,” says the company homepage. “Our slogan “Rediscover and enjoy tradition” is more than a promise: We combine the essence of Styrian cuisine with modern accents and create a culinary experience that will delight you. Whether hearty, traditional dishes or creative new interpretations – with us every bite will be a pleasure.”

First of all: The three-course menu costs 59 euros + 16.50 euros for the wine pairing, the four-course menu costs 69 euros and the wine pairing costs 22 euros.

We’re talking about the MS3 Gastro GmbH based at Mehlplatz 3 in Graz. She runs the posh restaurant “carillon cellarAccording to KSV1870, the company has applied for restructuring proceedings without self-administration at the LGZ Graz. 10 employees are affected by the bankruptcy.

Debts and assets

The liabilities are valued at 1.226 million euros, the assets at 771,700 euros.

The causes of bankruptcy

“Several economic and structural challenges, which have significantly affected the ongoing operations of the debtor company, have led to the current financial situation. On the one hand, a long-term staff shortage led to restrictions in daily operations and the associated decline in sales, which was particularly evident in the summer. The excellent location for the guest garden could not be used optimally,” reports KSV1870.

And it goes on to say: “In addition, high purchase and conversion costs had a significant impact on the financial situation. The investments required to take over and adapt the location permanently exceeded the company’s economic performance. These cumulative factors ultimately meant that an economically stable continuation of operations was no longer possible. Attempts by the management to compensate for the negative result through various measures failed and ultimately discussions with possible investors and the financing bodies could not be positively finalized.”

The future

The insolvency creditors should receive a quota of 20 percent.