West Perth-based boutique brewing company Empire Beer Group Ltd has completed the $3.5 million acquisition of East Perth's Royal Bar and Brasserie, with plans to make additional acquisitions in the future.
West Perth-based boutique brewing company Empire Beer Group Ltd has completed the $3.5 million acquisition of East Perth's Royal Bar and Brasserie, with plans to make additional acquisitions in the future.
In an announcement, the company said it would continue to evaluate a number of sites for future boutique breweries or stand alone Food and Beverage venues.
Empire abandoned negotiations to open its second Colonial Brewery Co pub in Fremantle at the site of Warren Mead's Oyster Bar venue after negotiations fell through.
The company also announced the appointment of hospitality manager Lyndon Waples as the Venue Manager of The Royal and chef Paul Desport to the position of Head Chef.
The full text of a company announcement is pasted below
WA based craft beer company Empire Beer Group Ltd ("Empire" or "the Company") has settled on its $3.5m acquisition of the "The Royal Bar and Brasserie" in Perth, Western Australia. Settlement occurred at 5pm on the 18th of July 2007.
Settlement occurred within the planned timeframe, and as previously foreshadowed was funded through a combination of existing cash reserves and debt.
The company see this strategic acquisition as a tangible example of the implementation of its dual growth strategy and clearly a significant milestone in the development of Empire.
The two phases of the Empire dual growth strategy will grow profit and develop the Colonial brand by
As Empire's first Perth venue, The Royal provides an opportunity for Empire to promote its award winning Colonial Brewing Company Craft Beer brands in the metropolitan market.
Appointment of key venue management
Empire has engaged leading hospitality manager Lyndon Waples as the Venue Manager of The Royal and accomplished U.K. chef Paul Desport as Head Chef.
Lyndon has extensive hospitality experience including four and half years as Venue Manager of the ALH group owned Brass Monkey Hotel in Northbridge, and more recently as the Venue Manager of The Saint George Hotel after its purchase by ALH in February 2007.
Paul has had an extensive career as a Head Chef in the UK, including owning and operating the highly regarded Desport's restaurant in Stratford-upon-Avon, Warwickshire Both appointments joined Empire prior to settlement so as to manage the handover and ensure a smooth transition to Empire ownership.
Evaluation of further acquisitions
In line with the Company's dual growth strategy Empire continues to proactively evaluate a number of sites throughout Australia. These could be either Colonial Branded Brewpubs or stand alone Food and Beverage venues similar to that of the Royal.
Commenting on today's successful settlement Empire Managing Director Phil Gallagher said "The Royal is a profitable and successful hospitality business that fits perfectly into the Empire strategy of owning and operating Food and Beverage focused hotel venues. It is in a unique location in the growing East Perth area, with north facing water frontage very close to Perth's CBD.
"In this business it is important to have a fantastic venue, but it is also just as important to have experienced and committed staff. We have found that in Lyndon and Paul and we look forward to them assisting Empire in continuing the great success of the Royal and growing the Colonial brands in Western Australia. Importantly for our Shareholders, the acquisition and settlement of the Royal represents the first tangible demonstration of our dual growth strategy which will develop as further acquisitions occur".
