In June we revealed that the Keystone Group had gone into receivership, the full story from Vanessa Cavasinni is below; there was also much more to come on the sale of the Keystone venues:
- Keystone directors explain receivership
- Debt leads to Keystone Group demise
- Dixon to purchase several Keystone
Keystone Group in receivership
By Vanessa Cavasinni, editor Australian Hotelier
Ferrier Hodgson have just announced that The Keystone Group have been placed into receivership.
The following is a press release from Ferrier Hodgson:
On 28 June 2016 Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed receivers and managers to the Keystone Hospitality Group.
The venues included in this appointment are:
- Bungalow 8
- Cargo Bar
- Chophouse Perth
- Chophouse Sydney
- Jamie’s Italian Sydney
- Jamie’s Italian Perth
- Jamie’s Italian Canberra
- Jamie’s Italian Brisbane
- Jamie’s Italian Adelaide
- Jamie’s Italian Trattoria
- Kingsleys Brisbane
- Kingsleys Woolloomooloo
- Manly Wine
- Sugarmill Hotel
- The Rook
- The Winery
The Group has been placed into receivership by a syndicate of lenders due to an inability to reach agreement with the Board on key aspects of the Keystone Group’s financial structure.
Receiver Morgan Kelly said the venues will continue to trade on a business as usual basis while the Receivers assess each venue in preparation for a sales campaign.
“Given the current buoyant hospitality market we anticipate a lot of interest in the sale of the venues.
“The venues in the Keystone Group comprise some of the most iconic and well-known brands in their respective markets.
“The sale of the group represents a unique opportunity for the right operator and is particularly suited to hospitality specialists interested in expansion.
“The sale process is expected to commence shortly,” Mr Kelly said.