Best and the worst of 2018, from the triumph of Howard Smith Wharves to the disaster of Blue Sky Alternative Investments

Many of the biggest winners in Queensland business in 2018 were hospitality entrepreneurs who have helped Brisbane reach new heights. But there was really no competition for the biggest loser in business this year.

Luxury car baron Martin Roller had a huge 2018. Picture: Peter Wallis

WINNERS:

Brisbane seems like it has reached a delightful tipping point.

An explosion of bars and restaurants, rediscovered laneways, craft breweries and more all suggest that the city has discovered its mojo and is finally jettisoning a long-held inferiority complex.

That’s why so many of the biggest winners in 2018 were hospitality entrepreneurs who have helped Brisbane reach new heights.

The most notable would have to be Adam Flaskas, Luke Fraser and the gang at the revitalised Howard Smith Wharves, complete with their Felons brewery and Mr Percival’s overwater bar.

Adam Flaskas at Howard Smith Wharves. Picture: Tara Croser

The highly-anticipated $200 million redevelopment of the historic site beneath the Story Bridge has only opened progressively in the past few weeks but already it’s gone off like a bottle rocket.

Among the financial backers reaping the rewards are some astute players, such as Andrew King, the former PRD Realty big shot-turned-investment banker who knows a thing or two about property development.

John Gambaro and his family rolled the dice on not one but two new CBD eateries this year in an audacious gambit away from their traditional base on Caxton Street. Their Italian venue Persone and the Black Hide steak house at the Treasury casino have been pumping ever since.

Persone, of course, is based in the new $1 billion Brisbane Quarter development anchored by the striking W Hotel, which has added colour and flair to the city’s five-star accommodation offerings.

Speaking of hotels, the publicity-shy Malouf family struck paydirt on James Street, opening their Calile Hotel, complemented by one of the city’s hottest new restaurants, Hellenika.

Also making a big splash in the dining scene this year was the Ghanem Group, who launched Asian fusion sensation Donna Chang in a historic building in the CBD. Adding to the allure is the subterranean Boom Boom Room, a striking and dimly-lit cocktail bar complete with bank vaults.

Outside of the drinking and dining scene, Shark Tank star Steve Baxter had a big year, offloading his River City Labs start-up incubator and wrapping up his tenure as Queensland’s chief entrepreneur.

Luxury car baron Martin Roller also had a huge 2018. He and business partner Marvin Burke sold down the remaining 30 per cent stake in their franchise network, which includes BMW, Ferrari, Alfa Romeo, Fiat and Volvo

Roller, who turned 60, shed a heap of weight and bought a $4 million new home in Clayfield, will stay out of the game next year thanks to a non-compete clause. But he’s vowed to come roaring back with another automotive venture in 2020 so stay tuned.

Also dropping a huge amount of weight this year was coffee king Phil Di Bella, who managed to shed an astonishing 70 kilos and picked up a swag of awards for his new business in New York.

We would be remiss in rounding out the list of winners without mentioning women in general, who can now rock up to Tattersall’s Club and gain membership for the first time since 1865.

LOSERS

THERE was really no competition for Brisbane’s biggest loser this year.

In one of the city’s most striking corporate implosions, Blue Sky Alternative Investments fell victim to a withering assault from US-based short sellers who savaged the company’s business model, accounting details and investor fees.

The firm has continued to limp along despite the collapse of its share price and a huge loss in the last financial year. The disaster has cast a dark shadow over the legacy of founder Mark Sowerby and his successors, including now-departed boss Rob Shand.

Rob Shand, former managing director of Blue Sky Alternative Investments.

Jamie Pherous and his gang at Corporate Travel Management also felt the wrath of short sellers, who launched a well-coordinated ambush on the company.

The attack sent the share price south and put the company on the defensive on the eve of Pherous heading to Hamilton Island for a lavish 50th birthday extravaganza which included entertainment from Jimmy Barnes.

Down on the Gold Coast, Retail Food Group suffered an enormous full-year loss as it closed restaurants and vowed to restructure. Meanwhile, private equity vultures are understood to be circling the stricken outfit, which operates Donut King, Brumby’s Bakery, Crust Pizza and other outlets.

Former Ergon Energy board member-turned-lobbyist Wayne Myers suffered a stunning fall from grace, pleading guilty to one charge of corruption stemming from the ongoing probe of dirty dealings in Ipswich.

We were reminded that Myers once sat on the board of Stadiums Queensland with none other than Dave Hanna. That’s the CFMEU bigshot who a jury convicted this month of destroying a huge pile of documents that might have been relevant to the royal commission into trade unions. The mind reels!

Also confessing his sins was former PPB partner David Leigh, who plead guilty to embezzling $800,000 in a case which stunned bean counters across the industry.

Once high-flying hospitality identity Damian Griffiths declared personal bankruptcy after the collapse of his sprawling empire, which included Doughnut Time. He’s understood to be lying low in London now.

Damian Griffiths declared personal bankruptcy after the collapse of his sprawling empire.

Jamie Webb, who launched Lefty’s Old Time Music Hall on Caxton Street, also came unstuck. Blaming odious ID scanning laws, Webb sold the business for a song and then put his trading company in administration.

Rock star chef Matt Moran came to grief as well, with health inspectors shutting down his bustling Riverbar & Kitchen for a few days after finding rats.

Gold Coast bizoid Phil Sullivan, whose City Pacific investment group collapsed in the GFC, declared bankruptcy for the second time even as he continued to live in a mansion and own ponies.

Matt Moran had to shut down Riverbar & Kitchen for a few days.

Silver Chef founder Allan English had a dreadful year as his firm scrapped a division of his kitchen equipment leasing business, suffered a big annual loss and saw the share price nosedive.

Lastly, the impassioned backers of the status quo at Tattersall’s Club narrowly lost their bid to keep the private Brisbane institution a sanctuary of male-only membership. They are still stewing about what they consider a highly questionable result and may challenge the outcome.

UNTIL NEXT TIME

THIS is City Beat’s last column for 2018 but we’ll be back late next month. Until then, all the best for a great holiday season and a happy new year!