Manly Wine goes on market in Keystone portfolio of venues
Receivers Ferrier Hodgson have put Keystone’s portfolio of assets including Manly Wine up for sale.
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Will Manly Wine have new owners this summer?
The popular beachfront restaurant and bar is up for sale.
The venue is one of the high-profile Sydney eateries owned by the Keystone Hospitality Group, which was placed in receivership last month.
Receivers Ferrier Hodgson said that CBRE had been appointed lead sales adviser for the group’s assets.
Morgan Kelly from Ferrier Hodgson said that Keystone’s 17 venues, which have continued to trade, would remain open during the process and sold as going concerns.
Keystone Group started in 2000 with Cargo Bar. In addition to Manly Wine, Keystone’s portfolio of restaurants and hotels includes key Sydney venues Bungalow 8, Gazebo, The Winery, Kingsleys Woolloomooloo and six Jamie’s Italian restaurants.
Mr Kelly said that the sales process would be conducted as either a recapitalisation of the group or a sale of one or more portfolios of assets.
Expressions of interest has already come from more than 120 parties.
Formal bids are expected to be submitted and assessed in September, with the aim of reaching in-principle agreement with a buyer or buyers at the end of that month.
“We are seeking a result before the commencement of the busy summer trade,” Mr Kelly said.
The portfolio of six Jamie’s Italian franchise restaurants would remain grouped together and sold as a nationally integrated brand.
“Sydney, Brisbane, Perth, Canberra Adelaide and Parramatta Jamie’s Italian restaurants are some of the best performing Jamies Italian globally and offer a very attractive opportunity for the right buyer,” Mr Kelly said.
Manly Wine underwent a $500,000 interior redesign in September 2014.
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