Award-winning Ponsonby restaurant Sidart owes more than $1 million to creditors and Inland Revenue, according to a first liquidator’s report.
Owner and executive chef Lesley Chandra closed Sidart’s doors last week as the hospitality industry grapples with higher costs and weaker consumer spending over the past few years.
Chandra bought Sidart in 2021 from restaurateurs Sid and Chand Sahrawat, who opened the restaurant in 2009.
Chandra posted a message to Facebook last week saying the decision to close Sidart was “difficult”.
“This decision was not made lightly, and we are deeply grateful for the support, memories, and experiences we’ve shared with each of you over the years,” he wrote.
“To our amazing guests, thank you for your continued patronage, your smiles, and the many conversations that turned into lasting memories. It has been an honour to serve you.”
Jared Booth and Tony Maginness of Baker Tilly Staples Rodway were appointed liquidators of All in Cuisine Limited, trading as Sidart Restaurant on October 13.
The liquidators said the company ceased trading because of cashflow difficulties.
According to their report, the company owes $967,906 to secured creditor The Epicurian Consultancy Limited, which is owned by Sid and Chand Sahrawat.
The liquidators said the General Security Agreement holders’ claims will continue to accrue interest until fully paid.
Inland Revenue is owed $177,920 in GST and PAYE, while employees are owed $2606.
Unsecured creditors are owed more than $94,000.
The liquidators withheld the book value of the company’s assets from their report, saying “it may materially prejudice the performance of the liquidators’ function with respect to the realisation of company assets”.
When contacted by the Herald today, Sid and Chand Sahrawat said they were unable to comment further on the debt owed to them while the business is with the liquidators.
Sidart was named Cuisine Good Food Awards’ ‘Restaurant of the Year’ in 2019 while under the ownership of the Sahrawats.
The Sahrawats told the Herald last week they were “deeply saddened to see Sidart close its doors”.
“The past couple of years have been tough for all hospitality operators and our hearts go out to owner Lesley Chandra and his team as we know they worked extremely hard to try and keep the doors open.
“This is just another reminder that, if you can, please support your favourite hospitality and retail businesses.”
Recent Centrix data shows hospitality is the second-largest industry contributing to company liquidations with 297 recorded in the 12 months to July, up 49% on the prior year.
In the past 12 months, 2564 hospitality businesses have shut, more than the 2158 a year earlier.
The Restaurant Association said in a newly released report that total annual sales for the year ended June 2025 were $15.99 billion, up 1.4% and a record for the industry.
Marisa Bidois, Restaurant Association CEO, said the industry has had to be very adaptable over the last few years.
“It’s about evolving to the current market, and a lot of our businesses that are doing well have been doing just that. They’re getting creative with how they make offerings to their customers, creating different price points for people.”
Cameron Smith is an Auckland-based business reporter. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.