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Six prestigious Sydney venues acquired
Three firms have advised on the sale of six Sydney-based venues, which include some of the city’s most high-profile bars and restaurants.
Emma Musgrave
Firms: Herbert Smith Freehills (Morgan Kelly and Ryan Eagle, the receivers and managers of Keystone Group); Allens (Dixon Hospitality Group); K&L Gates (Bentleys, the accounting and financial administrators)
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Deal: Six Sydney-based Keystone Group venues have been sold to Dixon Hospitality Group.
Value: Undisclosed
Area: M&A
Key players: The legal team advising Keystone Group was led by Herbert Smith Freehills’ partners Paul Apathy, Mark Currell (pictured) and Bruce Ramsay, with assistance from senior associates Rowena White, Sarah Spencer, Phillip Rattenbury and Merryn Quayle and solicitor Marcus Berghouse.
Deal significance: The transaction involves the sale of some of Sydney’s most prestigious bars and restaurants including Bungalow 8, Cargo Bar and Kingsleys Woolloomooloo.
Commenting on the transaction, Herbert Smith Freehills partner Paul Apathy said: "We were pleased to advise the receivers and managers on this significant transaction in the hospitality sector that delivers a great outcome and certainty for all relevant stakeholders."
The sale is expected to complete later this year.
