Acclaimed Adelaide CBD restaurant Press Food & Wine sold to The Strand owner

Acclaimed CBD restaurant Press Food & Wine has been sold to new operators who are confident the city’s hospitality scene will emerge strongly from COVID-19.

Press Food & Wine interior. Supplied by Press

New owners have taken over acclaimed CBD restaurant Press Food & Wine.

Hospitality operators Jay Patel and Riya Kamboj acquired the venue from a group including Adelaide restaurateur Simon Kardachi and former Press managing partner Eloise Riggs.

Mr Patel has a background in hospitality and international trade, and owns Glenelg restaurant The Strand.

He said Press remained an Adelaide dining institution, and the new owners were focused on “continuity and consistency of the Press brand and experience”.

“We are working closely with previous owners Andrew Davies and Eloise Riggs to achieve this, as well as bringing our own perspective and business experience to the table,” he said.

“Despite COVID, we want to show how strong businesses in SA still are. We have confidence in the South Australian economy and industry is still robust.

“We are very excited about future opportunities and more projects in Adelaide.”

Press Food & Wine has been sold to new owners. Picture: Jacqui Way Photography

Press was a pioneer of nose-to-tail and communal dining when it opened in September 2011, and quickly became famous for its roast suckling pig feasting menu.

Together with restaurant stalwarts George’s and Bistro Dom, and sister restaurant Melt next door, Press has helped to create a vibrant dining precinct on Waymouth Street.

The venue reopened for weekday lunch dining this week as the CBD emerges from the COVID-19 pandemic.

Ms Riggs, who will remain with the business during a transition period, said all Press staff had been offered the opportunity to remain with the restaurant, with the majority staying on, including the management team.

“After almost a decade on Waymouth Street, I am thrilled that Press is continuing under new ownership,” she said.

“Change can be challenging but the staff are really happy and any business can benefit from new eyes and new energy.”

Over the years Press has won a series of awards, including appearing on The Weekend Australian’s Hot 50 Restaurant lists in 2012 and 2013, and scoring hats in the 2018 and 2019 national Good Food Guides.

Press Food & Wine’s Sally Davey, Tim White, Andy Davies, Eloise Riggs and Simon Kardachi have sold the business after close to 10 years of ownership. Picture: Jacqui Way Photography

Commercial Adelaide consultant Matthew Trim, who brokered the sale, said he fielded strong interest in the business from local and interstate investors.

“The business generated significant inquiry, with people looking to build on the great establishment Simon had built,” he said.

“There are quite a few venues that have revenue at an all-time high as customer spend is up, and even with less capacity and short dining periods, customers are making the most of the time they have.

“Also we are seeing a high level of interstate inquiries as Adelaide is now seen as a safe investment option.”