Australia’s largest barbecue and outdoor furniture retailer, Barbeques Galore, has entered voluntary administration and receivership, placing around 500 jobs in jeopardy as the business searches for a buyer or restructure plan.

Grant Thornton partners Philip Campbell-Wilson, Lisa Gibb and Matthew Byrnes were appointed voluntary administrators on Thursday, citing ongoing liquidity challenges.

At the same time, secured creditor-appointed receivers Quentin Olde, Luke Pittorino and Liam Healey of Ankura stepped in as receivers and managers.

The 49-year-old retailer operates 68 company-owned stores and 27 franchise outlets nationwide. Franchisees are not impacted by the appointments, and stores will continue to trade while options are assessed.

Barbeques Galore chief executive David White, who took the helm in December after US-based Gordon Brothers assumed control from Quadrant Private Equity, said management had made operational improvements but was unable to overcome cash flow pressures.

Receivers confirmed that in-store and online orders paid in full or part will be honoured, subject to stock availability.

However, gift card holders face stricter conditions: for every $1 redeemed, customers must spend an additional $2 in new funds. For example, redeeming a $50 gift card requires a total purchase of $150, with $100 paid in cash.

A first meeting of creditors is expected on February 24.

Barbeques Galore generated $172 million in revenue in FY24 but reported a pre-tax loss of $16.1 million, widening from $4.7 million the previous year.

Founded in Sydney in 1977, the retailer expanded internationally and at various times listed on both the ASX and Nasdaq. Its US division filed for Chapter 11 during the global financial crisis.

Receivers said they expect interest from strategic buyers and financial investors as they pursue a sale or recapitalisation process.