The Hi-Fi bars have a new owner

The three Hi-Fi bars in Sydney, Melbourne and Brisbane have been sold.

After weeks of evaluating proposals for all three bars collectively and as separate entities, administrator Simon Nelson of Romanis Cant has negotiated the sale to Max Watt’s Operating Pty Ltd.

According to documents published by the Australian Securities and Investments Commission (ASIC), three business names in Sydney, Melbourne and Brisbane were registered on February 9 2015 under the holder name Max Watt’s Operating Pty Ltd. Those business names are: Max Watt's in Brisbane, Max Watt's in Sydney and Max Watt's in Melbourne. The three business names are up for renewal on February 9, 2018.

While all three venues will continue to host live music, it's unclear whether they will still operate under the name The Hi-Fi.

The transaction is expected to be settled in two weeks,during which, The Hi-Fi Group and Max Watt’s Operating will work with the venues’ stakeholders on the transition.

The three Hi-Fi bars were placed into administration last month when a dispute between operator The Hi-Fi Group and the major creditor could not be resolved.