Celebrity chef Scott Pickett’s venues juggle $27m debt as rescue plan takes shape
An arm of Melbourne chef Scott Pickett’s dining empire has piled up $27.2 million in debt and hasn’t properly reconciled its books since 2022, according to administrators’ reports.
Pickett called in administrators from Romanis Cant to three companies tied to his group in late September after struggling to keep up with repayments to the Commonwealth Bank (CBA).
At the centre of the drama is Rogue Traders Group, a joint venture between Pickett and the now-collapsed First Guardian superannuation fund. First Guardian and its operator David Anderson are under investigation by the corporate watchdog, adding another layer of complexity to the situation.
Rogue Traders is the holding vehicle behind four of Pickett’s best-known venues – Matilda 159, Smith St Bistrot, Longrain and Chancery Lane – all of which are still trading and welcoming guests while a restructure is hammered out.
The group is already in talks with an interested investor to inject fresh capital and keep the restaurants running.
Administrators allege Rogue Traders may have been trading while insolvent for up to a year before entering administration, noting the business stopped making repayments to the CBA. Rogue Traders had used money borrowed from the CBA and First Guardian to bankroll the four venues.
The CBA, which holds security over all Rogue Traders’ assets and a personal guarantee from Pickett, is expected to recover the full $12.8 million it is owed. First Guardian, however, is facing a likely wipe-out on its $14 million loan.
On the internal ledger, Matilda 159 in South Yarra owed Rogue Traders about $5.6 million at the time of administration, with CBD fine diner Chancery Lane at roughly $5.8 million. Collingwood’s Smith St Bistrot was down for $3.7 million, Longrain about $2.1 million, and Pickett’s food preparation business another $1.8 million. Smaller amounts were owed by Le Shoppe and other entities. In total, the venues and related businesses owed Rogue Traders around $21 million.
Administrators say the exact figures are still being untangled because Rogue Traders’ accounts haven’t been properly matched with the restaurant books since 2022. The report notes that Pickett believes the true numbers differ from those put forward by administrators. Formal letters of demand have been issued to each venue and the food prep company, but the report bluntly states: “It is evident that each of the related entities do not have the financial capacity to repay the amounts demanded.”
One bright spot for the chef: his Northcote favourite Estelle sits outside the Rogue Traders structure and is unaffected.
Publicly, Pickett has been keen to reassure diners, staff and suppliers that it’s business as usual at the restaurants.
“I want to make it clear to everyone that the remaining companies in the group, which include my restaurants, are not affected,” he said in a statement.
“Our restaurants will continue to trade as usual and all bookings and vouchers will be honoured,” he said.
“All staff remain employed. Their wages, superannuation contributions and entitlements are fully up to date and will continue to be paid on time.”
Jonathan Jackson, 24th November 2025
