Ferrier Hodgson announced today that The Keystone Group have been placed into receivership.
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.
Pub agents say the lockout laws have taken a toll on trading as patrons have headed to the suburbs but to what extent that has affected the financial performance of The Keystone Group is currently unknown.
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 process is expected to commence shortly,” Mr Kelly said.
Yet another huge loss to NSW’s nightlife and another reason to Say Goodbye to Sydney.