Australian Venue Co to acquire 9 Western Australia venues
Leading hospitality group to enter acquisition & asset swap agreements with Ark Group & Colonial Leisure Group
Australian Venue Co is pleased to announce that it has entered into a conditional acquisition agreement to purchase nine venues in Western Australia from two hospitality groups; 7 venues acquired from Ark Group and 2 venues acquired as part of an asset swap with Colonial Leisure Group (CLG). The acquisitions will bring the group’s Western Australian portfolio to a total of 19 venues.
Australian Venue Co has focused on acquiring landmark destinations across the country, and has been operating in Western Australia since 2017, when the group acquired Publican Group.
Australian Venue Co CEO Paul Waterson said the acquisitions reflects the group’s confidence in Western Australian hospitality industry.
“We love operating in WA, it’s a really strong market. We have a great team on the ground and look forward to growing our team and our portfolio of venues in the State.”
“These pubs have been part of their community for decades, and we’re excited to be part of the next chapter. We can’t wait to meet the team and the locals at each of these venues.”
These venues will continue to operate as usual following completion of the acquisition, anticipated in July 2022, and Australian Venue Co will continue to employ all venue staff.
Ark Group Acquisition
Durty Nelly’s, Market Grounds, The Generous Squire and the Bassendean Hotel are all located in Perth. Scarborough Beach Bar, Galway Hooker and The Peach Pit are all located in Scarborough. The Bassandean Hotel is currently closed for renovations.
A spokesperson for Ark Group added: It’s a big decision for us to sell our venues, but it is easier knowing that the Australian Venue Co. team are renowned, quality hospitality operators and that the venues are in excellent hands moving forward.
ARK are proud of what the group has achieved and would like to especially thank all of our hardworking and dedicated staff and wish AVC all the best in the future.’
Colonial Leisure Group Asset Swap
Australian Venue Co is undertaking an asset swap with Colonial Leisure Group. CLG will transfer The Raffles Hotel and The Royal in Perth to AVC, in return for AVC’s Melbourne pubs The Vincent and O’Connell’s.
Australian Venue Co CEO Paul Waterson said asset swaps were an attractive option for active operators looking to enhance and consolidate their portfolios.
“We have a lot of mutual respect and understanding, and both parties can feel confident that they’ll acquire well-run venues. It’s an excellent opportunity for each group to purchase assets that play to their strengths.”
Investment in Western Australia
In addition to the acquisition of nine venues, AVC has invested in the Western Australia hospitality industry with a recent $2.3m renovation of Victoria Park Hotel and a $9m renovation of the Claremont Hotel, which is due to re-open later this year.
Australian Venue Co currently operates 10 venues in Western Australia including Victoria Park Hotel, The Aviary and The Guildford Hotel.
Business Daily Media
