After executing diligence, receivers and managers Ferrier Hodgson has today announced the beginning of a block-buster sales campaign for the Keystone portfolio.
Expressing a desire to see all The Keystone Group’s venues safely in new hands in time for the “busy summer trade” Ferrier Hodgson’s (FH) Morgan Kelly says they will surgically fine-tune the right parties for the table.
“We are conducting a focussed sale strategy, specifically targeting buyers with the balance sheet strength and operational depth to be able to manage these acquisitions,” said Kelly.
All venues (listed below) have continued to trade since the announcement of Keystone’s forced administration, and all will remain open to be offered as going concerns.
CBRE Hotels has been appointed lead sales advisor, and national director – pubs Daniel Dragicevich and vice president – pub investment sales Sam Handy will steer the campaign, starting with national advertising to garner expressions of interest submissions to build a short-list.
Successful parties will then be invited to commence due diligence via a commercial-in-confidence data room prior to submitting formal offers, which will be assessed with view to in-principle agreements being formed in late September (2016).
FH report the Jamie’s Italian franchise restaurants are “some of the best performing Jamie’s Italian restaurants globally” and will remain grouped together and become a new partner in association with Jamie Oliver Restaurant Group. This segment may or may not be sold in conjunction with other parts of the overall portfolio.
“Whilst the 17 venues will no doubt attract interest from portfolio buyers, it’s expected that there will be intense competition from parties seeking to acquire segments of the portfolio and individual piecemeal businesses,” offered Dragicevich.
“We expect significant interest from all sectors of the hospitality market – both nationally and abroad.”
Already fielding enquiries, Handy added the notoriety of the brands and potential in the age of the gastro-pub.
“The Keystone Group is one of the most successful and aspirational hospitality platforms in the country,” stated Handy. “We anticipate a lot of interest across all venues, given the current buoyancy of the food and beverage segment of the market.”
The Keystone portfolio consists of:
Jamie’s Italian Franchise: Jamie’s Italian Sydney, Jamie’s Italian Perth, Jamie’s Italian Canberra, Jamie’s Italian Brisbane, Jamie’s Italian Adelaide, Jamie’s Italian Parramatta
Kingsleys Brisbane, Kingsleys Woolloomooloo
Chophouse Perth, Chophouse Sydney