The Hi-Fi Expecting To Have New Owner By Next Week

All three of The Hi Fi music venues will likely have a buyer in line to take over the venues by next week.

The deadline for indicative offers for the currently in-administration business passed on Tuesday and administrator Simon Nelson of Romanis Cant told theMusic.com.au today they are currently evaluating the proposals. He expects to have a decision within a week.

“We’re quite confident we’ll get a result… we’ll be closer to a sale by then,” he said.

The string of venues – including the iconic Melbourne room and expansion Brisbane and Sydney spaces – were placed into administration in February after a dispute between the operators and major creditor.

It has been ‘business as usual’ for the venues since then as the administrator begun the process of finding a new owner. They are currently listening to offers for all three collectively and each room separately.

“If someone comes in with a great offer for one we’ll look at that very favourably,” said Nelson.

He did not divulge how many offers they had received and from whom, but there are a number of rumoured bidders, both local and international, from throughout the entertainment industries.

While a suitable buyer may emerge by next week, there will likely be ongoing negotiations regarding price and conditions following the first round of bidding.