Award-winning publican Geoff Hayward has put his company Capital Management into voluntary liquidation as he exits the pub game.
Hayward bought the Brisbane Hotel 15 years’ ago with investor partners, executing a big-budget transformation of the tired pub and positioning it to become a hub of Perth’s burgeoning dining scene, the portfolio coming to include similarly acclaimed gastro pub The Boulevard, and popular venues Monza, Bar One and Luxe Bar.
Eying exit from the industry, and the peaks and troughs experienced in the volatile world of f&b in Perth, Hayward gradually divested his hospitality assets, concluding with The Brisbane to freehold owners the Prendiville family earlier this month.
The Prendivilles are one of WA’s most prominent hospitality families, purchasing the title to The Brisbane in 2016 from the exiting Lantern.
Completing the divestment, Hayward reports Capital Management has paid all debts to suppliers and staff. The shortfall left debts to another of Hayward’s companies, secured debtor Devana, to the tune of around $200k, and the ATO for an unspecified amount.
Hayward points to “unsustainable” rent at the properties, in a State that has suffered badly in the failure to sustain the mining industry’s contribution to the economy.
The Prendiville family are now owner-operating The Brisbane under title to their company Brisbane Hotel Holdings P/L.