Boathouse Group: Andrew Goldsmith on life after selling cafe eateries
An entrepreneurial couple who built a hospitality empire — which covered North Sydney, the northern beaches and the Central Coast — have revealed ‘our dream is still alive’ after their heartbreaking decision to sell the popular eateries.
Manly
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The former owners of The Boathouse Group have spoken publicly for the first time since making the heartbreaking decision to sell their hospitality empire more than nine months ago.
After working since 2008 to build their business from the ground up, Andrew and Pip Goldsmith ran into what the described as “funding challenges” and they had to sell.
Now, Andrew has revealed his relief that the company was sold before the COVID-19 pandemic hit. He said the well-funded consortium that purchased all eight eateries in the group would give the restaurants the best chance to reopen once restrictions are lifted.
It was sold to brother duo Jono and Ben Isaac, part of a syndicate also made up of Ms Goldsmith’s father, former Liberal federal Trade government Minister Andrew Robb, and his wife Maureen.
The syndicate also includes two accountants.
The Issac brothers vowed to keep the eight popular eateries — which stretched from Balmoral, through the northern beaches and on to the Central Coast — open and to save 500 jobs.
Andrew and Pip Goldsmith have stayed on to manage the day-to-day running of the business which includes outlets at Shelly Beach, Whale Beach and Palm Beach.
The Goldsmiths had to search out new investors after bold expansion plans led to growing debts and a wind-up action by the Australian Taxation Office.
In December 2018 they opened the refurbished Patonga Beach Hotel on the Central Coast, renamed The Boathouse Hotel. They also opened the refurbished historic Barrenjoey House.
It also branched out into offering accommodation at Patonga and Barrenjoey House and catering functions.
Despite a tough several months which included the bushfires and the coronavirus, the couple is back on track as they continue to manage the popular Sydney eateries.
“My wife and I are involved in the business, we still run it so to speak. The sale happened because we had trouble funding some of our expansion,” Mr Goldsmith said.
“We were lucky to get some great new people involved to help us continue moving the business forward.
“We just don’t have the same sort of equity in it but our dream is still alive for the business.”
Mr Goldsmith said the couple had a passion for the industry, but said he was relieved the business was sold before COVID-19.
“Pip and I have always had an interest in hospitality, she’s an interior designer and we’ve always loved food and entertaining so its been a natural attraction for us,” he said.
“I think everything happens for a reason and with COVID-19, it’s fortunate the business was properly funded at this point.”
The Palm Beach resident said he and his wife had “learnt a lot in 11 years” and revealed plans for their future.
“We plan to continue working with The Boathouse Group. It’s another opportunity to learn and improve the venues when they reopen [due to COVID-19].
“Our focus is also on our family, we have a five-year old and a three year old.”
He said before the pandemic, the hospitality industry was already struggling.
“Last year was hard with funding because there were restrictions on trade. Now with COVID-19 everything is still trading but at a fraction of normal customer levels.
“It has definitely been a challenge but we’ve been well supported by landlords and communities.
“Whale Beach Deli, The Boathouse and Shelley Beach are all doing takeaway now. We have a bakery at the back of the Boathouse Home which is takeaway at this stage – just to make sure we can do things as safely as possible.”
Last year Ben Issac told the Manly Daily said he was happy the Goldsmiths were staying with the business.
“The Goldsmiths are great people and widely loved by the locals,” Mr Issac said.
“It was really important to us Andrew and Pip continued to operate the venues and keep those connections with the locals.”
The eateries owned by the company include The Boathouse Palm Beach, The Boathouse Shelly Beach, The Boathouse Balmoral Beach, The Boathouse Hotel Patonga, The Boathouse Home, The Boathouse Bakery, Moby Dicks Whale Beach, Whale Beach Deli and Barrenjoey House Palm Beach.