Australian Venue Co has announced agreement to purchase nine venues in Western Australia from Ark Group and Colonial Leisure Group, for a reported $30 million.
The conditional acquisition brings all seven venues under the banner of Ark Group. In Perth these comprise Durty Nelly’s, Market Grounds, The Generous Squire and the Bassendean Hotel, which is currently closed for renovations.
From Scarborough comes the Galway Hooker, The Peach Pit, and Scarborough Beach Bar.
Ark offer that they are proud of what the group has achieved and did not make the move lightly.
“It’s a big decision for us to sell our venues, but it is easier knowing that the Australian Venue Co. team are renowned, quality hospitality operators and that the venues are in excellent hands moving forward,” expressed a spokesperson.
Colonial Leisure Group (CLG) operate in Queensland and Western Australia, but most venues and head office are in Victoria.
The two entities have agreed to an asset swap whereby CLG will transfer The Raffles Hotel and The Royal in Perth to AVC, in return for AVC’s Melbourne pubs The Vincent and O’Connell’s.
“It’s an excellent opportunity for each group to purchase assets that play to their strengths,” remarks AVC CEO Paul Waterson.
AVC has been operating in Western Australia since 2017, with its acquisition of the Publican Group, and counts well-known pubs such as the Victoria Park Hotel, The Aviary and The Guildford Hotel.
These portfolio additions bring the group’s WA collection to 19 venues, and along with capital input such as the recent $2.3 million renovation of Victoria Park Hotel and in-progress $9 million renovation of the Claremont Hotel, due to re-open later this year, reflect AVC’s confidence in the state’s hospitality industry.
“We love operating in WA,” adds Waterson. “It’s a really strong market. We have a great team on the ground and look forward to growing our team and our portfolio of venues in the State.”
All venues will continue to operate as usual following completion of the acquisition, anticipated in July 2022, and AVC will continue employment of all staff at the venues.
