By Vanessa Cavasinni, editor Australian Hotelier

Receivers Ferrier Hodgson have announced that the divestment of Keystone Group assets is now complete.

The hospitality group was placed in receivership in June 2016 after it became clear that the business would not be able to service its $80 million worth of debt. Ferrier Hodgson have run the group’s venues while looking for new ownership for the various assets that ranged from pubs and bars, to steakhouse restaurant and the chain of Jamie’s Italian restaurants.

Morgan Kelly, who was in charge of the receivership, has stated that sale agreements are now in place for 16 of the 17 venues, with all be sold as going concerns. Chophouse Perth was closed and the venue was returned to the landlord to seek other opportunities for the building.

“We are extremely pleased with the final outcome of the receivership divestment program,” stated Kelly.

“At all of the venues except one, the receivership succeeded in maintaining the jobs and ensuring the continuity of the venues for customers.”

The breakdown of sales is as follows:

·         Bungalow 8, Cargo Bar, Manly Wine, The Rook, The Winery, Kingsleys Woolloomooloo, Kingsleys Brisbane – sold to Dixon Hospitality Group.

·         Chophouse Sydney – sold to Solotel.

·         Jamie’s Italian Sydney, Jamie’s Italian Perth, Jamie’s Italian Canberra, Jamie’s Italian Brisbane, Jamie’s Italian Adelaide, Jamie’s Italian Trattoria – sold to the Jamie Oliver Group.

·         Gazebo and Sugarmill Hotel – both venues sold via private sales.

“The asset sale process was extremely complex given the geographic spread of the venues and the differing types of bar and restaurant offerings,” stated Kelly.

“We would like to thank all parties who expressed interest through the sale process and our sale and legal advisers CBRE Hotels and Herbert Smith Freehills.”

Handover to new management is expected to be completed for all 16 venues by the end of January.

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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