The disgraced Queensland entrepreneur behind one of Australia’s fastest-growing hipster dessert companies is back in business on the other side of the world, now serving up sweet treats to Germans after leaving $30m in debts Down Under.
June 1st is Doughnut Day so ditch the diet and dig in … mmmmm
The former immigration lawyer-turned-hospitality guru opened his first store in Berlin, Germany last week, after declaring bankruptcy in Australia in 2018 following the collapse of his restaurant empire, which included at one point up to 30 doughnut outlets in Brisbane, Sydney and Melbourne.
Despite leaving behind enormous debt, including unpaid suppliers, staff wages and even a loan of more than $550,000 to his family, Mr Griffiths is believed to have solely paid for the new store, with the Doughnut Time Germany website listing him as managing director.
Valley entrepreneur, Damian Griffiths left Australia in disgrace, with debts of $30 million. Photo by Chris McCormack.
The shop has been built under the city’s famous TV tower and is said to have cost hundreds of thousands of dollars in fit-out costs and legal red tape.
It is set to be just the first of many stores in Europe for Mr Griffiths, who is already planning another outlet in Denmark, with an Instagram page declaring it as “coming soon”.
Mr Griffiths’ new stores have no connection to the Australian brand of the franchise, which was purchased by businessman Peter Andros in 2018 as part of the liquidation process and has remained a separate entity.
However, Mr Griffiths held on to the international rights to the brand, enabling him to open stores elsewhere in the world.
There are also currently 15 Doughnut Time outlets in the UK owned by Thomas Anderson, who founded the English arm of the business in 2017 with the help of Mr Griffiths before the Australian company collapsed in 2018. Mr Griffiths is believed to have worked with Mr Anderson to set up about four of the original UK stores, receiving a commission for his assistance, with the shops now turning over an estimated ₤2m a year ($3.728m).
Doughnut Time was hugely popular along the east coast of Australia. Picture: Mike Batterham
Mr Griffiths is now living in London, in an up-market area of the city’s west, and has no plans to ever return to Australia.
However, a friend, who did not want to be named, said Mr Griffith was remorseful of the financial trouble he had caused and was this time taking his expansion plans much slower, with part of his monetary demise believed to have been due to expanding his restaurant and doughnut empire too fast by launching dozens of venues, including Alfred & Constance bar, Chester Street Bakery, Mr Fitz’s Finest Ice Cream and Les Bubbles, in just a few years.
“He’s much more measured and more careful now,” the friend said, believing the entrepreneur had learned from his mistakes.
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