Shannon Bennett sells majority stake of Vue Group
One of Melbourne’s most prominent restaurateurs, Shannon Bennett, has sold a majority stake of his restaurant business Vue Group to investors from Singapore.
According to The Australian, Far East Organistation Centre’s CEO Phillip Ng paid $22.5 million for a 65 percent stake of the group, which includes fine diner Vue de monde, as well as Jardin Tan, Bistro Vue, Liu Bar and three Caf Vues. Bennett will retain the remaining 35 percent.
Bennett told The Australian that the decision to sell was due to business growth rather than financial stress. In particular the chef pointed to projects like his Burnham Beeches site and the Kent Brewery development in Sydney suburb Chippendale, as key factors.
News of the sale follows the announcement that Neil Perry’s Rockpool Group had been sold to Quadrant Private Equity, which owns hospitality giant Urban Purveyor Group (Fratelli Fresh, Sake, Caf Ananas and The Cut Steakhouse). Perry’s restaurants and UPG’s venues will now form the Rockpool Dining Group, estimated to be worth $350 million.