Receivers for the Keystone Group have announced Dixon Hospitality Group as Preferred Bidder for the following seven Sydney-based Keystone Group venues:
- Cargo Bar
- Bungalow 8
- The Rook
- Manly Wine
- Chophouse Sydney
- Kingsleys Woolloomooloo
Receiver Morgan Kelly said execution of the sale to the Dixon Group remains subject to final due diligence.
“As part of the remaining due diligence process, Dixon Group representatives will this week commence meetings with management of the venues.
“Other shortlisted parties have been advised of the selection of the Dixon Group as Preferred Bidder at this stage.
“We are also in final stage negotiations with separate bidders for the sale of the remaining venues.
“The decision to separate the Keystone Group assets for sale was taken to maximise sale proceeds.
“Through the competitive bid process run by CBRE Hotels, it became clear that prospective buyers were most interested in specific venues that strategically aligned with their own businesses.
“The businesses are all continuing to operate on a business as usual basis,” Kelly said.
The Keystone Group was placed into recievership at the end of June.
At the end of July, Kelly announced that more than 120 parties were interested in the sale. At the time, it was stated that Jamie's Italian would be sold as a single group. The aim is to finalise an agreement before the summer period.