Darrell Felstead fights to save Foveaux

They were once top of the Sydney dining tree, but the posse of chefs to come out of Stan Sarris and Rodney Adler's Banc-GPO stable in the early noughties has been dealt another blow.

Surry Hills' toqued Foveaux is closed, the restaurant's voicemail citing "unforeseen circumstances" and its owner-chef Darrell Felstead battling administration. Felstead is fighting to save his award-winning European eatery with plans to relaunch it next month after a redesign.

"I looked at my bank account and my money was frozen. I could have fallen on my sword, got a slap on the wrist and moved on. But I've taken control and worked with the administrator," he says.

Asked why the business strike rate has been tough on the Banc crew, which has also seen chef Matthew Kemp lose a restaurant, Felstead agrees an unwavering belief in quality played a part.

"We're passionate people. Maybe we didn't see where the market was going or anticipate it moving away from French [cuisine] so quickly," he says.

The chef says he has his business in order and hopes to complete a deed of arrangement as early as this week. Felstead wants to reopen the restaurant next month after a quick makeover but hasn't decided whether it'll retain the Foveaux name.

"It's going to be quite different, I want to get away from the perception of fine dining. I am buoyed by the fact a 90 plus room hotel is opening nearby,'' he says.