Dozens of high profile bankers, fund managers and investors have been left eating humble pie after the collapse of Pie Face, one of the first Australian fast-food chains to expand overseas.

The Pie Face Group's founder and major shareholder, former Citigroup banker Wayne Homschek, has appointed accounting and advisory firm Jirsch Sutherland as administrators and is attempting to restructure and refinance the company, which owns more than 70 stores selling pies, sausage rolls and coffee.

Pie Face founder Wayne Homschek was once a Wall Street banker. Credit:Peter Braig

Mr Homschek told Business Day on Monday that parts of the company were still profitable and he was still considering an initial public offer next year.

However, Pie Face was struggling to service leases on three factories after shifting production to a single site near Rosehill Gardens racecourse in Sydney this year to cut costs and improve efficiency.