The Boathouse Group has been sold to two family investment offices including property developers and a former trade minister.
Founded by Pip and Andrew Goldsmith in 2008, the Sydney-based group operates eight venues and is best known for the Boathouse cafes in Palm Beach and Balmoral and the recently acquired Barrenjoey House.
However, it’s reported rising debts led the couple to sell the business to brothers Ben and Jono Isaac, accountant Jordan Kennedy and former trade minister Andrew Robb (father of Pip Goldsmith) and his wife Maureen.
“The Group’s rapid expansion in the previous year, particularly the opening of The Boathouse Hotel Patonga and Barrenjoey House, resulted in the need to rectify financial pressures and recapitalise,” reads a statement provided to Hospitality magazine.
“This purchase by new equity partners provides the investment The Group requires to continue delivering the experience our guests know and love.”
All venues will continue to operate as usual and more than 500 people will be rehired by the new owners. The Goldsmiths will also remain on deck to manage day-to-day operations.
“Pip and Andrew Goldsmith … look forward to working with new majority owners,” continues the statement. “This will be a great synergy for the Group and ensure a strong future for all the venues.”