Receivership

<html><body>
The operator of Jamie's Italian restaurants across Australia and many other well known dining establishments has gone into receivership after failing to negotiate continued lending arrangements with its financiers, KKR and Olympus Capital.
Ferrier Hodgson's Morgan Kelly and Ryan Eagle have been appointed receivers and managers to the Keystone Hospitality Group, which is owned by a group of private Sydney investors.
The venues will be sold off.
"The venues in the Keystone Group comprise some of the most iconic and well-known brands in their respective markets," Morgan Kelly said.
"The sale of the group represents a unique opportunity for the right operator and is particularly suited to hospitality specialists interested in expansion." 
Employees would continue on the same terms and conditions as prior to the appointment of the receivers for the time being.
The 17 restaurants include Bungalow 8, Cargo Bar, Chophouse Perth, Chophouse Sydney, Gazebo, Jamie's Italian Sydney, Jamie's Italian Perth, Jamie's Italian Canberra, Jamie's Italian Brisbane, Jamie's Italian Adelaide, Jamie's Italian Trattoria, Kingsleys Brisbane, Kingsleys Woolloomooloo, Manly Wine, Sugarmill Hotel, The Rook on York Street and The Winery in Potts Point.
Last night Keystone executive Richard Facioni and MD John Duncan issued a statement saying the business was “operationally strong”, with more than 1,000 employees nationally, but blamed debt used to expand the business, as well as Sydney’s lockout laws, for the failure of the group.
In March, Keystone put the the business it all started with 16 years ago, Cargo Bar, at Sydney’s King Street Wharf, on the market through Ray White Hotels saying it was shifting towards more food-focused ventures.
But a buyer had yet to be found for the Cargo Bar.
John Duncan told The Shout website that the lockout laws had not influenced the group’s decision to list the Cargo Bar as the venue had continued to trade strongly and the recent development of Barangaroo was great for the area.  
Their earlier sale of the Newtown Hotel was due to an unsolicited approach from another hotel group.
“The sale process is expected to commence shortly,” Mr Kelly said. 
</body></html>

jonathanchancellor-7SQnKwU6yx

Upmarket Keystone Hospitality Group restaurants set for sale

<html><body>
Settlers Lifestyle, which runs a chain of retirement villages across Australia, has fallen into difficulty. It follows a default on its agreements with Investec Australia, which holds mortgages over its assets.
FTI Consulting's Joseph Hansell, Ian Frances and John Park have been appointed receivers and managers over The Settlers Group, which comprises Settlers Company, Settlers Operations and Forum Settlers.
Damien Hodgkinson of DEM Asia Group has been appointed voluntary administrator of The Settlers Group's 687 individual living units across Settlers venues in Queensland, New South Wales and Western Australia.
Settlers Rockhampton (QLD), Settlers Forest Lake (QLD), Settlers Ridge Estate (NSW), Settlers Lakeside (WA) and Settlers Ridgewood Rise (WA) (“the Facilities”) are all under receivership.
"The receivers and managers have taken control of the Settlers Group and intend to conduct the operations of the facilities on a business as usual basis, while a sale campaign for the whole group is conducted on a going concern basis," FTI Consulting advised.
"The receivers and managers intend to work with all stakeholders and Settlers Group service providers to ensure that there is no interruption in the delivery of services to the facilities operated by the Settlers Group or the residents.
"The Receivers and Managers, intend to engage directly with the respective managers at each of the Facilities in order to explain the nature and the expected outcome of the appointment.
"At the same time, the Receivers and Managers will also be available to meet with the residents at each of the facilities in order to explain the nature of the processes that are usually undertaken by a Receiver and Manager as part of a sale.
FTI suggest it is too early to provide an estimate of the amount of time it will take to complete the receivership.
"Timing of this process is ultimately determined by how long it takes to bring the properties to market, conduct an orderly marketing campaign and then to assess and decide upon the final offers that have been submitted.
"Regardless, the receivers and managers will ensure that residents are kept informed during the sale process."
It is understood the receivers will look to sell all five retirement villages after Settlers Lifestyle was unable to fund mandatory buybacks.
There are new mandatory buy-back rules in Queensland, where the group operates two of its five retirement villages.
Hodgkinson noted recent changes to Queensland legislation require retirement village operators to buy back units from residents if they remain unsold for 18 months.
It triggered an insolvency event at Lifestyle’s Rockhampton village. 
Settlers Lifestyle is owned by a Singapore-domiciled offshore investment fund managed by global fund manager Forum Partners headed by Andrew Faulk.
Forum Partners acquired the five retirement communities from listed retirement village operator Ingenia in 2016 for $55 million.
<div class="page" title="Page 2">
<div class="layoutArea">
<div class="column">
 
</div>
</div>
</div>
</body></html>

Receivership

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Receivership

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News