Riverina landmark Romano’s at Wagga Wagga has transacted following rekindled negotiations with previous suitors.
Long-time operator John Hussey determined to test the market for a sale mid-2015 and again in 2016 through Chris Tinning & Co. While a purchase price was not agreed, a number of interested parties did emerge.
Alan Hayes of Hayes Advisory was appointed administrator of the hotel 21 June 2016 and kept the hotel trading with the support of the ANZ Bank.
A further marketing campaign would cost time and money that would not be in the interest of the hotel’s creditors, including employees. Hayes engaged Chris Tinning & Co to re-approach all previously interested parties and requested they submit their best offer, following which a sale to a syndicate that included locals from Wagga exchanged sale contracts on 29 July, 2016.
Trading currently continues under Hayes, and the hotel has not been forced to shut down or lay off staff. The sale brings the hotel’s uncertain future to an end. Stakeholders, employees and suppliers are looking forward to a speedy settlement of the sale contract scheduled for late August.
Hayes thanks staff, suppliers and the community for their continued support of the Hotel during its administration/liquidation and wishes the Hotel, its patrons and new owners well in the future.
All it needs is a good manager, the hotel goes back a long way and has been a very popular pub up until reasantaly ,