The Keystone Hospitality Group, which runs the Australian franchise for Jamie’s Italian, has gone into receivership.
The pub giant, which operates 17 venues across Australia, 10 of which are in Sydney, was placed into receivership after its board failed to reach an agreement with the syndicate of lenders on key aspects of its financial structure.
Keystone’s portfolio includes Jamie’s Italian branches in Sydney, Perth, Canberra, Brisbane and Adelaide and Chophouse Steak House restaurants in Sydney and Perth. The group also runs Sydney-based venues Bungalow 8, Gazebo, Cargo bar and The Sugarmill Hotel.
Morgan Kelly and Ryan Eagle of Ferrier Hodgson have been appointed Receivers and Managers to the Keystone Hospitality Group.
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.
As a first step, the Receivers will review all of the operations and identify what, if any, changes will be required prior to commencing the sales campaign.
It is likely that the sale process will offer the option of the sale of the entire group or on an individual asset basis.
Interested parties in the sale of the venues should contact Phil Quinlan of Ferrier Hodgson. Mr Kelly said employees will continue to be employed on the same terms and conditions as prior to the appointment of the Receivers.
“For employees, venue operations and customers, it is business as usual as we undertake the sale process,” added Mr Kelly.