Pub and restaurant chain Mantle Group plans to float in 2019 as it ramps up its expansion drive

Mantle Group Hospitality, which includes the Pig ‘n’ Whistle chain, Jimmy’s on The Mall and The Charming Squire, has flagged a likely IPO in 2019.

Mantle Group CEO Arj Rupesinghe at Jimmy’s on the Mall. Picture: Mark Cranitch

ONE of Brisbane’s most successful pub and restaurant groups plans to float in mid-2019 as it ramps up its expansion drive in Sydney.

Mantle Group Hospitality, which includes the Pig ‘n’ Whistle chain, Jimmy’s on The Mall and The Charming Squire, has flagged a likely Initial Public Offering (IPO) several times in the past few years. But CEO Arj Rupesinghe said this week that a due diligence process was well advanced ahead of going public in the middle of next year.

He would not say how much money the group hoped to raise or which brokerage house would underwrite the float.

“Since 2014 we’ve been on a steep trajectory of opening venues. We’ve always had a target of hitting a certain number before we IPO,’’ Mr Rupesinghe said.

The group, founded by entrepreneur Godfrey Mantle, now has 14 pubs and other outlets across Brisbane. An ambitious pipeline of projects is already mapped out through 2023.

Last month Mantle opened Tai Tai, a Cantonese-style venue at South Bank.

Another James Squire-branded pub, The Lucky Squire, is in the fit out stage at Broadbeach with an expected unveiling in May.

Work also continues on the Sound Garden pub, which will adjoin The Fortitude, the new 3000-seat music hall opening in the Brunswick Street Mall in July. Mantle announced plans late last year to overhaul historic Naldham House in the CBD, the former home of the now-defunct Polo Club.

Heritage issues have delayed the $10 million-plus Asian-themed project but work is to start next month and wrap up by November.

In its first interstate push, the group has had great success with its Squire’s Landing, which opened in May at Circular Quay in Sydney.

“This is our highest revenue venue and when summer hit it just went ‘Boom!’ because it’s a spectacular spot with views to the bridge and opera house,’’ Mr Rupesinghe said. Another two venues, Babylon and Duck&Rice, are set to open in a 2000sq m rooftop space in the Westfield shopping centre on Pitt Street in Sydney in March.

Mr Rupesinghe said the total spend in Sydney so far is about $30 million, which helps explain why the company is looking to go public and raise capital.