Keystone Group, owner of Jamie’s Italian franchise, calls receivers
Sydney owner of the Jamie’s Italian franchise in Australia and 11 other bars and restaurants hits hard times.
One of Sydney’s biggest restaurant groups has gone into receivership.
Keystone Hospitality Group, the company behind six Jamie’s Italian restaurants around the country and a cluster of other bars and restaurants throughout NSW — a total of 17 venues — was placed into receivership by a syndicate of lenders, according to receivers Ferrier Hodgson, due to an inability to reach agreement with the board on key aspects of the group’s financial structure.
In a statement today, receiver Morgan Kelly said the venues will continue to trade while he assesses each venue and brand for ultimate sale.
“The venues in the Keystone Group comprise some of the most iconic and well-known brands in their respective markets,” Mr Kelly said.
“The sale of the group represents an unique opportunity for the right operator as particularly suited the hospitality specialists interested in the expansion.”
Keystone was a relatively small player on the Sydney scene until it acquired the Pacific Restaurant Group, including the Jamie’s Italian franchise, in June 2014. Although not critically successful, the Jamie’s Italian brand has been ostensibly a commercial success.
At the time, then CEO Grant Blackley said: “This acquisition was a carefully considered and deliberate strategy to combine (with) like-minded, clearly defined and well managed companies.
Mr Blackley left Keystone in June last year after 14 months. He is now CEO and managing director at Southern Cross Austereo. The current directors are executive chairman Richard Facioni and managing director John Duncan.