Future Of Multiple Aus Venues Up In The Air As Owning Group Goes Into Receivership

The future of a number of popular Australian nightclubs, bars and restaurants are now up in the air as it has today been announced that the owning group of the venues, the Keystone Hospitality Group, has gone into receivership. 

Insolvency and reconstruction management group Ferrier Hodgson confirmed the news in a statement posted to their website today. 

"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," the statement reads. 

See below for the full list of venues run by the Keystone Hospitality Group.

• Bungalow 8
• Cargo Bar
• Chophouse Perth
• Chophouse Sydney
• Gazebo
• 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

While the long-term future of these venues are currently unclear, they will continue to operate as usual until 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," Receiver Morgan Kelly said.

"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, which is expected to commence shortly, is expected to offer the option to sell the entire group or on an individual asset basis.