Keystone Group – the company behind long-standing Sydney venues like Cargo Bar, Bungalow 8 and Sugarmill Hotel – have announced that 17 of its venues will be up for sale as they head into receivership.
The 16-year-old group employs over 1000 people nationally with venues worth an estimated $100 million under its umbrella. However, Keystone’s collapse is “due to an inability to reach agreement with the Board on key aspects of the Keystone Group’s financial structure.” Until the value of each venue is assessed and ultimately sold, the venues will operate as normal.
“Two years ago the Keystone Hospitality Group undertook a major expansion program, including acquisitions, to become a significantly larger, national group… However, the debt raised to undertake its expansion, combined with changes to the local market, including lockout laws, have placed significant financial strain on the business,” Richard Facioni and managing director John Duncan said in a statement.
The full list of venues that will be sold are:
Bungalow 8 (Sydney)
Cargo Bar (Sydney)
Manly Wine (Sydney)
Sugarmill Hotel (Sydney)
The Rook (Sydney)
The Winery (Sydney)
Gazebo Wine Bar (Sydney)
Chophouse Perth
Chophouse Sydney
Jamie’s Italian Sydney
Jamie’s Italian Perth
Jamie’s Italian Canberra
Jamie’s Italian Brisbane
Jamie’s Italian Adelaide
Jamie’s Italian Trattoria (Sydney)
Kingsleys Brisbane
Kingsleys Woolloomooloo
It seems like there’s some uncertain times ahead for Sydney – but if Vivid Sydney and the upcoming Red Bull Music Academy Weekender are anything to go by, the party and nightlife spirit is still very much alive.
