Name restaurants for sale as Keystone Hospitality Group falls

Some of Australia’s most ­recognised restaurants, including Jamie’s Italian and Kingsleys steakhouse, are for sale.

Jamie Oliver in his Adelaide restaurant Jamie’s Italian. Picture: Matt Turner

Some of the country’s most ­recognised restaurants, including the Jamie’s Italian and some Kingsleys steakhouse venues, have been put on the sale block after Keystone Hospitality Group fell into receivership yesterday afternoon.

The company employs about 1200 staff.

Along with six Jamie’s Italian restaurants, it operates Sydney’s Bungalow 8 and Cargo Bar, the Sugarmill Hotel, The Rook, The Winery and Gazebo, as well as two Chophouse outlets.

Some of these restaurants, particularly the Kingsleys steakhouse at the historic Woolloomooloo Finger Wharf in Sydney’s east, are frequented by the city’s business and media elite, ­including John Singleton, billionaire Jack Cowin and Liberal Party powerbroker Michael Photios.

Keystone has appointed Morgan Kelly and Ryan Eagle of Ferrier Hodgson as receivers, with the venues expected to operate as usual while a sales campaign is under way. “Given the current buoyant hospitality market we anticipate a lot of interest in the sale of the venues,” Mr Kelly said.

It was rumoured late last year that The Star Entertainment Group, which operates the Sydney casino of the same name, was eyeing a possible purchase of Keystone.

Keystone is led by Richard ­Facioni, after former chief executive Gary Blackley last year ­departed for media company Southern Cross Austereo.

It was only two years ago that the company embarked on an ­aggressive expansion, snapping up Pacific Restaurant Group and its ownership of the Australian franchise rights for Jamie’s International and Chophouse restaurant in Sydney. The business will be offered for sale as either the entire portfolio of restaurants and bars or with ­individual assets sold, depending on interest.