Property developers Ben and Jono Isaac buy troubled Boathouse Group venues, reveal plans
Two property developer brothers, who are the new owners of the troubled Boathouse dining venues, have opened up about what the future holds for the eateries’ staff, their wages and how previous owners, the Goldsmiths, will still be involved going forward.
The property developer brothers, revealed as the new owners of the troubled Boathouse cafe chain, have deep roots on the northern beaches.
Ben and Jono Isaac, part of a syndicate of investors that bought The Boathouse Group last month, have vowed to keep the popular eateries open.
And the brothers are adamant that none of the 500 staff will lose their jobs and all wages and entitlements will be paid in full.
“It will be very much business as usual,” Ben Isaac told the Manly Daily on Friday.
The Isaacs stepped in to help keep the Group afloat after growing debts and a wind-up action by the Australian Taxation Office, forced original owners Andrew and Pip Goldsmith to search out new investors.
The tax office has started legal proceedings against the Goldsmith’s company, Spring Sands, in the Federal Court, for unpaid debts of more than $860,000.
On Tuesday, the Manly Daily exclusively revealed the Group had been acquired by a “local family consortium” and the Goldsmiths would continue to run the business on a day-to-day basis.
As well as the brothers, who own a NSW-based property development company focusing on convenience retail projects such as service stations, fast food outlets and gymnasiums, the syndicate includes Ms Goldsmiths’ father, former Liberal federal Trade Minister Andrew Robb.
The syndicate also includes two accountants.
Mr Isaac said the family were long term customers of the cafes and restaurants that include The Boat House at Palm Beach, Shelly Beach and Balmoral.
The group also has historic Barrenjoey House at Palm Beach. Moby Dick’s function centre at Whale Beach and the The Boathouse Patonga pub on the central coast.
Jono Isaac lives at Narrabeen. Their two sisters live at Collaroy and Palm Beach. Their parents also live on the peninsula.
Sister, Toni, operates a childcare centre, Kiddiwinks, at Warriewood.
Their father, Tony Isaac, 82, a retired developer, redeveloped a former hotel into the high-rise Allegra apartments in Raglan, St, Manly.
Ben Isaac lives at Turramurra.
“Apart from me, everyone lives on the northern beaches,” Ben Isaac said.
“We’ve obviously been customers of The Boathouse Group over the years, and like everyone, appreciates it’s a fantastic business.
“It has a loyal following and is really synonymous with the northern beaches.”
Mr Isaac, who described the business as an “iconic” brand, said he and his brother had been negotiating the deal for about two months.
“We grabbed it with both hands.”
He said they were introduced to the Goldsmiths about investing in the business through a “mutual connection”.
“The Goldsmiths are great people and widely loved by the locals. It was really important to us Andrew and Pip continued to operate the venues and keep those connections with the locals.”
Mr Isaac declined to confirm whether the brothers were now the majority owners of the business
“It’s a private enterprise and we don’t really want to lift out skirts and tell everyone who’s got what percentage of shareholdings,” he said.
“(The Boathouse Group) is obviously an investment for us. We feel we can value add and provide some assistance on the business administration side of the company.”
Mr Isaac assured customers and staff that nothing will change.
“It’s going to be exactly the same as it was last week. Business as usual.
“We offered everyone employment on exactly the same terms as they were.
“We’ve brought all the wages, the superannuation and entitlements up to date and their jobs are secure, going forward.
Mr Isaac said making sure that the jobs remained and that all entitlements were paid was integral to making the deal.
“Obviously, being locals, we saw we could do a lot of good with this investment.
“With 500 jobs that would otherwise have been lost, I think this is ultimately a good news story in the hospitality industry which is going through a bit of pain at the moment.”
The Goldsmiths declined to comment.
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