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Report: Hmlet exits Australian market with nearly $400k of unpaid debt

“Struggling co-living operator Hmlet has fled the Australian market, closing its operations, going into voluntary liquidation, walking out of seven lengthy head leases, and leaving behind A$508,000 (US$393,000) in unpaid debts, an amount administrator KordaMentha believes will increase,” Australian Financial Review reported.nDetails:nnHmlet Australia owes its three main landlords in the country over A$400,000 (US$309,000), according to documents sourced from Australian Securities and Investment Commission.nPeter Kennedy, an investor and senior advisor at Hmlet investor Burda Principal Investments, has denied any external financial issues, though he admitted that the company had burned through at least A$4 million (US$3.1 million) after entering the Australian market in 2019.nnContext:nnEarlier this month, Tech In Asia was the first to report that the company would be closing down its operations in Australia as it wasn’t on par with the performance of other markets such as Hong Kong, Singapore, and Japan. It also received a lifeline of US$6 million in a series B+ round.nHmlet’s total headcount has also been further reduced from 100 employees by the end of December 2020 to around 70 to 80 staff members currently.n