{"id":793702,"date":"2026-07-11T14:37:16","date_gmt":"2026-07-11T14:37:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/793702\/"},"modified":"2026-07-11T14:37:16","modified_gmt":"2026-07-11T14:37:16","slug":"celebrity-chef-scott-pickett-finds-new-backer-in-salter-brothers-to-secure-livelihoods-tied-to-his-restaurant-empire","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/793702\/","title":{"rendered":"Celebrity chef Scott Pickett finds new backer in Salter Brothers to secure livelihoods tied to his restaurant empire"},"content":{"rendered":"

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Celebrity chef Scott Pickett has found a new financier to back his restaurant empire as a report shows the estimated $14 million his venues received from collapsed investment scheme First Guardian will never be paid back.<\/p>\n

Melbourne investment managers Salter Brothers, which run a series of funds including hotel and restaurant funds holding investments exceeding $5.4 billion in value, have signed on as Pickett\u2019s new financier.<\/p>\n

\"TheThe collapse of the First Guardian Master Fund has taken its toll on Scott Pickett\u2019s restaurant empire. Wayne Taylor<\/p>\n

The deal is a welcome relief for the former MasterChef judge after the company that owned four of his venues \u2013 Smith St Bistrot, Chancery Lane, Matilda 159 and Longrain \u2013 and his catering business, Rogue Traders, collapsed last year<\/a> owing creditors $27 million.<\/p>\n

Rogue Traders ran into troubles after borrowing heavily \u2013 first $12.8 million from the CBA and later $14.1 million from the First Guardian Master Fund \u2013 to fund the rollout of a suite of new venues during the COVID-19 pandemic.<\/p>\n

Pickett\u2019s financial troubles intensified after the collapse of the First Guardian fund in mid-2025 amid allegations the manager of the fund David Anderson<\/a>, who was also Pickett\u2019s business partner at Rogue Traders, had inappropriately spent investor money<\/a> on his own pet projects including building a restaurant empire.<\/p>\n

Related Article\"First<\/a><\/p>\n

The collapse of First Guardian wiped out $500 million of super savings of nearly 6000 people.<\/p>\n

Pickett welcomed the financing deal in his first comments about the collapse of Rogue Traders and its ties to First Guardian in a statement to this masthead on Saturday.<\/p>\n

\u201cThe collapse of First Guardian cost my business its major financial backer and forced the appointment of administrators.<\/p>\n

\u201cI feel deeply for everyone affected, and I\u2019m cooperating fully with the liquidators.<\/p>\n

\u201cThis new financing secures the future of my restaurants and the livelihoods that depend on them.\u201d<\/p>\n

Pickett said that throughout the administration every venue kept trading, not a single staff member lost their job, wages and entitlements continued to be paid, and suppliers were paid throughout.<\/p>\n

\"ChefChef Scott Pickett is one of the country\u2019s noted restaurateurs.<\/p>\n

Anderson has denied the allegations, and there has never been any suggestion that Pickett had any knowledge of Anderson\u2019s activity at the investment house. Anderson has been contacted for comment.<\/p>\n

\u201cProtecting those livelihoods was the whole point of the restructure.\u201d<\/p>\n

Pickett added that the commercial terms were confidential.<\/p>\n

Under the deal with Salter Brothers, Pickett will effectively rescue his own venues from liquidation by buying the restaurants\u2019 assets and rolling them into new entities he has set up. Salter Brothers did not respond to inquiries.<\/p>\n

Liquor licences held by the venues have already been transferred from the Rogue Traders\u2019 entities to the new companies Pickett has set up to operate the venues.<\/p>\n

It is unclear how much cash Salter Brothers will provide to Pickett\u2019s new business holding company.<\/p>\n

The Commonwealth Bank, which is understood to be supportive of the deal, took possession of two properties linked to the Rogue Traders business \u2013 a $2 million apartment in Fitzroy and the Chancery Lane venue on Little Collins Street estimated to be worth between $5 million and $6 million.<\/p>\n

\"ScottScott Pickett\u2019s Smith Street restaurant.Alex Squadrito<\/p>\n

Liquidators have warned creditors that there will be zero returns for any creditor apart from the CBA, which is still expected to nurse a large shortfall even after the property sales and the Salter Brothers\u2019 funded deal.<\/p>\n

\u201cSince my last report to creditors, I have been advised that Mr Scott Pickett is the Director
of the purchasing entities, being funded by an associated entity of Salter Brothers,\u201d said Romanis Cant director Manuel Hanna.<\/p>\n

\u201cAs advised in my previous report to creditors, there will be a significant shortfall owing to the CBA from the company after the finalisation of the sale.\u201d<\/p>\n

As a result of the asset sale, Rogue Traders will own shares in several Pickett entities that no longer have their most valuable assets.<\/p>\n

Editor’s pick\"David<\/a><\/p>\n

The report shows the restaurants owed large sums to Rogue Traders. This included Matilda 159 on Domain Road in South Yarra owing $5.6 million and Chancery Lane in the CBD owing $5.8 million.<\/p>\n

According to the report, Pickett\u2019s Collingwood French-inspired fine diner Smith St Bistrot was also due to pay $3.7 million, while modern Thai hotspot Longrain owes $2.1 million, and his food preparation business owes a further $1.8 million.<\/p>\n

Liquidators believe Rogue Traders had been trading while insolvent for around 14 months before it collapsed. They also noted that accounts of the restaurants had not been properly reconciled since 2022.<\/p>\n

Pickett\u2019s flagship restaurant Estelle sits outside Rogue Traders, while Pickett\u2019s fine-dining venture at the Continental Hotel in Sorrento, Audrey, was a joint venture between the chef and the Smorgon family office, which owns the property. Pickett exited the ownership of that venue late last year according to filings with the corporate regulator but remains an advisor to Audrey\u2019s replacement, Ember.<\/p>\n

The Salter Brothers operate a range of funds, including some that own hospitality businesses and hotels.<\/p>\n

\"LuxuriousLuxurious Spicers Peak Lodge at Maryvale in Queensland\u2019s Southern Downs is one of the premier retreats held by Salter Brothers.Spicers Peak Lodge – Facebook<\/p>\n

Its Salter Brothers Hospitality business oversees a large portfolio of hospitality brands across Queensland, NSW and South Australia, including 19 hotels and resorts and 29 restaurants, bars and day spas.<\/p>\n

It is also unknown if the investment house has broader plans with the chef to supercharge that business or its other ventures, which include developing a portfolio of capital city hotels valued in excess of $2 billion.<\/p>\n

Last year, Salter Brothers announced it had signed a major deal with IHG Hotels and Resorts to reposition several hotels, including the InterContinental in Melbourne, as Regent Hotels by 2030.<\/p>\n

As well as his burgeoning relationship with one of the country\u2019s top-level restaurant investors, Pickett is continuing to expand his own hospitality empire.<\/p>\n

\"TheThe Gasometer, or the \u201cGaso\u201d is back, but it\u2019s now called the Smith St Hotel and overseen by Pickett. Luis Enrique Ascui<\/p>\n

Just last week, Pickett announced he was pressing ahead with the transformation of Collingwood live music venue and pub the Gasometer, rebadging it as Smith St Hotel.<\/p>\n

Pickett was upbeat about the reopening of the venue in a press release insisting it would continue to host live music.<\/p>\n

\u201cThe question we\u2019ve probably been asked most is whether Smith St Hotel will become a gastro pub,\u201d says Pickett.<\/p>\n

\u201cAre we a gastro pub? F— no. We\u2019re a live music venue, with great food and drinks.\u201d<\/p>\n

Start the day with a summary of the day\u2019s most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter<\/a>.<\/p>\n

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\"SarahSarah Danckert<\/a> is a senior reporter who specialises in investigations and corporate wrongdoing. She is a two-time Walkley Award winner, and has won six Quill Awards and two Kennedy Awards.Connect via X<\/a> or email<\/a>.From our partners<\/p>\n","protected":false},"excerpt":{"rendered":"Save You have reached your maximum number of saved items. Remove items from your saved list to add…\n","protected":false},"author":2,"featured_media":793703,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[64,63,99],"class_list":["post-793702","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-au","tag-australia","tag-business"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/793702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=793702"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/793702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/793703"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=793702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=793702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=793702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}