Hobart-based premium appliance retailer Elite Appliances has been placed into liquidation in a move that has shocked the industry.
“Notice is given that at a general meeting of the members of the Company held on 30 June 2025, it was resolved that the Company be wound up and Adam Johnston be appointed liquidator(s),” said a statement issued by the Australian Investment and Securities Commission (ASIC).
A long-term member of the Narta Group, Elite Appliances has a reputation as a retailer with a focus on the premium and luxury end of the appliance industry with a large number of brands sold under the pro-forma or agency basis.
In July last year, Elite Appliances Hobart transferred from Queensland-based Betta Stores Retail (BSR) to Western Australian-based Retravision to access point of sale software systems and IT platforms developed by Retravision owner David Dorsett-Lynn.
Elite Appliances Hobart is not identified as a franchisee within the Retravision Group – but is an Associate Member that has undertaken its own independent purchasing.
Appliance Retailer understands there were no financial ‘red flags’ when the business transferred from BSR to Retravision a year ago or within the last few weeks of trading regarding its ability to trade and there is no financial link or money owed to Retravision.
The first time that anyone became aware of problems within the business was when the liquidator arrived at the premises on Monday morning at 8.30am and told staff to leave the business and return keys to the premises as well as through correspondence issued by the liquidators.
Other than the pro-forma suppliers used by Elite Appliances Hobart, credit accounts are expected to be held with BSH and Electrolux. It is believed that the decision to send the business into liquidation has been made by a financial institution or bank.
Appliance Retailer has contacted Narta CEO Michael Jackson and he has confirmed he is aware of the liquidation, but he is awaiting further details before commenting further.
“We have been notified that Elite Appliances in Hobart has closed and we are working closely with appropriate stakeholders and will be able to provide more information in the near future.”
Appliance Retailer has been contacted by suppliers who say the industry has been “blindsided” by the announcement. Industry suppliers have questioned why the business was not placed into voluntary administration prior to going into liquidation and why the decision was made on the final day of the financial year.
Elite Appliances Hobart is one of three separate businesses that has traded with the ‘Elite’ branding in Australia – however all businesses have traded independently and are not related to the Hobart-based business currently in liquidation.
The Melbourne-based Elite Appliance stores were acquired by Rob Sinclair and the e&s business in September 2014.
The other business trading with this name is Rawsons Elite Appliance Store in Adelaide, that now trades as Rawsons Appliances.
Elite Appliances was opened in November 1999 by Ned Banovich – who saw the need for a more premium offer in the Tasmanian market for appliances and bathroomware.
It is described as “a family-owned business with roots firmly embedded in the Tasmanian community and committed to bringing the very best products to Tasmanians with the most competitive prices possible”.
Initially starting with three staff members, the store employed 12 staff as of July 2021.
The business developed a partnership with a separate business – Elite Appliances based in Victoria – in what they company described as “an independent and informal buying group” but the Hobart store outgrew this partnership prior to the Victorian stores being purchased by e&s.
In 2012, Elite moved to become part of the Narta buying group – overseen by managing director Mark Banovich.
The most recent article published by Appliance Retailer about Elite Appliances Hobart was in 2023 when the business re-launched its showroom.
“I am happy to say that we are the best showroom in Tasmania in this space. A showroom where any builder or architect can feel comfortable bringing their clients to walk through their plans and know they are receiving the variety, quality and service they deserve.,” Banovich said at the time.