City bar into administration

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A city hospitality venue has gone into administration, owing $400,000.

The company that owns 623 in the City was put into voluntary administration by its directors last week.

Administrator Geoff Falloon, of Biz Rescue, was unavailable for comment but a notice to creditors showed 41 companies were owed money by 623 ITC Ltd, totalling $397,729.93.

Around $240,000 of that is owed to the company’s bank.

623 ITC owns 623 in the City, with a separate company owning 623 on the Rocks. But Michael Graham and Robert Bowe own both businesses.

They bought the businesses in May 2011.

Creditors will meet in July to decide whether the company goes into liquidation or allow the company to trade on. Until that meeting the bar and restaurant is still open.