ARK Group is selling seven venues to Australian Venue Co, including The Peach Pit, while Colonial Leisure Group has entered a deal to swap two of its assets for Melbourne-based pubs.
ARK Group is selling seven venues to Australian Venue Co, including The Peach Pit and Market Grounds, while Colonial Leisure Group has entered a deal to swap two of its Perth assets for Melbourne-based pubs.
Australian Venue Co announced it had entered a conditional acquisition agreement to purchase seven of ARK Group’s venues: Durty Nelly’s, Market Grounds, The Generous Squire, The Bassendean Hotel, Scarborough Beach Bar, Galway Girl and The Peach Pit.
The deal leaves ARK Group with only one asset, The Paddington, which it acquired earlier this year.
An ARK Group spokesperson said it was a difficult decision to sell its venues, but they would be in good hands with Australian Venue Co.
“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,” the spokesperson said.
In a separate deal, Colonial Leisure Group has swapped The Raffles Hotel and The Royal for Australian Venue Co’s Melbourne-based pubs The Vincent and O’Connell’s.
The switch means Print Hall is Colonial Leisure Group's only remaining Perth venue.
Australian Venue Co chief executive Paul Waterson said asset swaps were an attractive option for 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,” Mr Waterson said.
“It’s an excellent opportunity for both sides to maximise efficiencies in their businesses.”
In a statement, Australian Venue Co said the nine venues would operate as normal following the completion of the acquisition and all staff would continue to be employed.
The acquisitions bring Australian Venue Co’s portfolio to 19 venues in Western Australia.
Existing venues owned by the company include The Aviary and The Guildford Hotel.
It recently completed a $2.3 million renovation of Victoria Park Hotel and is undertaking a $9 million renovation of the Claremont Hotel, which is due to re-open later this year.
The hospitality company entered the WA in 2017, after it acquired Publican Group.
