17 venues affected by Keystone Group receivership

Sydney-based national venue operator The Keystone Group has been placed in receivership, insolvency company Ferrier Hodgson confirmed.

The firm’s Morgan Kelly and Ryan Eagle were appointed receivers and managers.

The 17 venues, said to be worth a total of $100 million, were reportedly trading well although Managing Director John Duncan had previously said some had been affected by the Sydney lock-out laws.

The move was made by a syndicate of lenders “due to an inability to reach agreement with the board on key aspects of the Keystone Group’s financial structure.”

The venues affected, made up of nightclubs, bars and restaurants are:

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

The Winery

Morgan Kelly said the venues would continue to trade while receivers assessed each venue before they are sold.

“Given the current buoyant hospitality market we anticipate a lot of interest in the sale of the venues. The venues in the Keystone Group comprise some of the most iconic and well-known brands in their respective markets.

“The sale of the group represents a unique opportunity for the right operator and is particularly suited to hospitality specialists interested in expansion.”

Keystone was launched by Fraser Short and John Duncan in 2000 in anticipation of the tourist trade during the Sydney Olympics. Short left the company in 2011. Earlier this year it sold the Newtown Hotel and was expecting to be part of the Barangaroo development in Sydney. In 2014 Keystone bought the Pacific Restaurant Group.