Receivers for the Keystone Group have announced the completion of the sale of the Jamie’s Italian venues to Jamie Oliver Restaurant Group.
Receiver Morgan Kelly said this completion and handover was the final step in the Keystone Group receivership process.
“Management and operation of each of the Jamie’s Italian venues and the other 10 venues has now transferred to the new owners.
“We are extremely pleased to have successfully completed the transfer of the Keystone Group’s extensive and diverse portfolio.
“To reach an outcome where all but one venue remains open providing jobs for employees and servicing customers is a fulfilling result. It is also a testament to the quality of venues contained in the Group and the rigorous corporate recovery process followed.
“Ten months ago each of the venues was facing serious financial distress and possible closure with around 2000 jobs at risk.
“Today, 16 of 17 venues are recapitalised and operating strongly, and around 2000 employees remain in their jobs.
“This a great example of the effective application of the Australian voluntary administration and insolvency corporate recovery process,” Kelly said.
Kelly said the Receivers received strong support through the process from the management and employees of the Keystone Group which significantly contributed to the successful outcome.
“The Receivers would also like to formally acknowledge the role of the legal advisers Herbert Smith Freehills.
“We congratulate the Jamie Oliver Restaurant Group on becoming the new owners of the Jamie’s Italian venues and we wish each of the new owners of all the venues a long and successful future,” Kelly said.