Receivers for the Keystone Group have announced the finalisation of the hospitality group’s receivership divestment program.
The group entered receivership in mid-2016, listing Sydney’s lockout laws and debt incurred from its aggressive expansion program as key contributors to its demise.
Receiver Morgan Kelly said sale agreements were now in place for 16 of the 17 venues, each sold as going concerns.
The finalised sale outcome for each venue is:
- Bungalow 8, Cargo Bar, Manly Wine, The Rook, The Winery, Kingsleys Woolloomooloo, Kingsleys Brisbane – sold to the Dixon Group.
- Chophouse Sydney– sold to the Solotel Group.
- Jamie’s Italian Sydney, Jamie’s Italian Perth, Jamie’s Italian Canberra, Jamie’s Italian Brisbane, Jamie’s Italian Adelaide, Jamie’s Italian Trattoria – sold to the Jamie Oliver Group
- Gazebo and Sugarmill Hotel – both venues sold via private sales.
- Chophouse Perth – restaurant closed and the venue returned to the landlord.
“We are extremely pleased with the final outcome of the receivership divestment program.
“At all of the venues except one, the receivership succeeded in maintaining the jobs and ensuring the continuity of the venues for customers,” Kelly said.
Final handover of all venues is expected to be complete by the end of January.