By Andrew Starke
Several Queensland hotels belonging to the Ryan Hotel Group (RHG) have gone into receivership, with Maroochydore pubs the Grinning Dog and the Duporth Tavern amongst the casualties.
A total of eight hotels owned by publican Denis Ryan are affected after Suncorp and BankWest pulled the plug on loans reported to be over $60 million.
The decision follows last week’s news that Queensland pub king Tom Hedley was going into receivership with debts of about $290 million to ANZ Bank and Suncorp.
RHG, founded by Ryan in October 2006, purchased the Grinning Dog and Duporth Tavern from the Reed Group for about $8 million, and also owns the Woombye Pub, which is popular with University of the Sunshine Coast students.
The firms Ernst & Young and McGrath Nicol have been appointed receiver-managers due to the company’s debts.
However, Ryan said all 150 jobs at the eight pubs were safe and three separate parties were interested in buying the businesses.
According to their website, Ryan Hotels offer a ‘unique style, vibrant atmosphere, great value and warm and friendly service for the savvy business or leisure traveller’.
Suncorp and BankWest also foreclosed on a portfolio of commercial properties owned by RHG in Toowoomba, Maroochydore, Bundaberg and Rockhampton.