Popular Sydney and Central Coast Boathouse dining venues sold to new owners

The owners of some of the most desirable dining spots in Sydney and the Central Coast — including Boathouse Palm Beach and Boathouse Hotel Patonga — have sold their eight venues to a mystery buyer in an effort to ‘rectify financial pressures’.

The Balmoral Boathouse is one of the popular venues. Picture: Virginia Young.

• Company that owned Boathouse venues being chased by ATO
• The ‘power couple’ behind The Boathouse dining group

One of the northern beaches’ largest hospitality companies has been sold.

In an effort to “rectify financial pressures” the owners of the The Boathouse Group, Andrew and Pip Goldsmith, have announced they have sold the business they began in 2008.

In a statement to the Manly Daily, the Goldsmiths said the business had been acquired by a “local family consortium” made up of “two family investment offices within NSW”.

The Boathouse Group owns eight waterfront venues, including the Palm Beach, Shelly Beach and Balmoral Beach Boathouse restaurants, the Mobys Dicks wedding and events venue at Whale Beach and the Whale Beach Deli.

The Boathouse at Shelly Beach, Manly. Picture: Braden Fastier

It also sells homewares, and gift cards, has a bakery and offers a catering service for functions.

The Boathouse Group employs a total of more than 500 people.

In December last year it opened the refurbished Patonga Beach Hotel on the Central Coast, renamed The Boathouse Hotel. It also opened the refurbished historic Barrenjoey House.

It also branched out into offering accommodation at Patonga and Barrenjoey House and catering functions.

The owners of The Boathouse Group, Andrew and Pip Goldsmith. Picture: Chloe Paul.

A company insider said the couple have been coming under increased financial pressure during the recent expansions into the Central Coast and the opening of Barrenjoey House for guesthouse-style accommodation.

There had been rumours in hospitality circles that the couple were becoming financially overstretched.

The Goldsmiths, both in their mid-30s and with two young children, sold their 1930s Palm Beach home in Norma Rd, in May last year, for $3.85 million.

“The Group’s rapid expansion in the previous year, particularly the opening of The Boathouse Hotel Patonga and Barrenjoey House, resulted in the need to rectify financial pressures and recapitalise,” the official statement released on Tuesday afternoon said.

“This purchase by new equity partners provides the investment The Group requires to keep delivering the experience our guests know and love.”

Outdoor dining areas at Patonga Boathouse Hotel.

The bar area at Boathouse Group's Barrenjoey House Palm Beach. Picture: Beverley Hudec

The Group said that it would be “business as usual” across all its venues.

It also confirmed that the Goldsmiths would still manage the day-to-day operation of the businesses and were looking forward to working with the new majority owners.

But the Group declined to identify the new investors. It would only say they were “long time supporters of The Boathouse Group. Their interests and values align and will position the Group for further growth”.

The Goldsmiths were not available for comment.

Hospitality giant Merivale, run by Justin Hemmes, which has venues on the northern beaches including the The Newport and The Collaroy, told the Manly Daily it was not one of the new investors.

Got a news tip about this story? If so, email [e-mail]