Administrated: Ian Ballis at Brougham St’s Mill Markets in 2010
By Michelle Herbison
ADMINISTRATORS have taken control of Geelong’s iconic Mill Markets in preparation to sell the business and four of its properties.
Australian Securities and Investment Commission (ASIC) confirmed to the Independent this week it appointed administrators on July 3 to companies Geelong Markets and Daramking, both run by Mill Markets boss Ian Ballis.
Ken Sellers, of the Melbourne-based administrator Sellers Muldoon Benton, said he hoped to sell the business in about a month so the properties could go to market.
“We’re in the process of selling the businesses that run under the banner of Mill Markets and also the properties operating at Daylesford, Mackey St (North Geelong), Bellarine Hwy (Newcomb) and Ballarat,” he said.
Mr Ballis paid $5.1 million for the two Geelong properties. The Independent was unable to ascertain the value of the Daylesford or Ballarat properties before going to press.
Mr Sellers said he was assessing expressions of interest in the business “from a number of parties”.
“Basically what we’re doing is trying to underwrite the value of the properties by having the business with a new owner in each property with a long-term lease.”
Mr Sellers said he was working on behalf of ANZ bank to reclaim the companies’ debt.
A spokesperson for ANZ declined to comment.
“As a matter of policy we don’t discuss our clients publicly,” she said.
The Independent contacted Mr Ballis for comment but he denied his companies were under administration.
“Not at all – you’re mistaken. Don’t listen to too many rumours,” he said.
The Independent contacted a number of Mill Markets store-holders who all declined to comment.
A spokesperson for ASIC said Mr Ballis was the sole director of both companies under administration.
Mr Ballis took over Geelong Markets from Edwin Dimmick in 2007, co-directing with Ian Begley for the first month.
Mr Ballis also ran three other companies as a sole director of Geelong Plant 5 and Newcomb Mill and co-director of Valley Mills with Basil Macula.
Geelong Retail Network’s John Sisley said he would “hate to see” any business close in the city.
“We’d hope the business can be sold and still maintain trading. Any business that’s struggling in Geelong, my heart goes out to them.”
