The major buyout firm has been forced to walk away from the hospitality empire that grew out of celebrity chef Neil Perry’s high-profile steak restaurant.
Rockpool, Sake and a portfolio of restaurant brands owned by one of the country’s largest private equity firms have fallen into the hands of lenders, who have already replaced the company’s board and management.
Metrics is a major private credit fund and has been a key lender to Pacific Hunter, which not only owns Rockpool, Spice Temple and Sake, but brands such as Fratelli Fresh, El Camino Cantina and Beerhaus. In a statement, Quadrant confirmed that Metrics had taken “full ownership and control” of Pacific Hunter and its portfolio of restaurants.Those venues will continue to operate as normal, and Frank Tucker, the company’s chief operations officer, has been promoted to chief executive.
The business has struggled since the pandemic, and as wages and food costs rose in more recent years. Its latest accounts, filed with the Australian Securities and Investments Commission in December, contained warnings from auditors that “a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern”.The accounts show the company posted a $75.7 million loss in 2022. Pacific Hunter had borrowings of $449.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Private equity investor and former Macquarie star Ben Brazil bets on private market reckoningPrivate equity investor Ben Brazil is ready to swoop on what he thinks will be an imminent wave of distress, and to profit from those who got in over their heads.
Read more »
Private equity heavyweight sells $11m Paddington terraceQuadrant Private Equity managing partner Alex Eady and his wife Jodie have sold their designer Paddington terrace for a hefty $10.81 million.
Read more »
Slash and burn: is private equity out of control?The long read: From football clubs to water companies, music catalogues to care homes, private equity has infiltrated almost every facet of modern life in its endless search to maximise profits
Read more »
Private equity cash wipes Healius slate clean, as long as the past is forgottenWhile it’s a shame it got to the point that the company had to sell its radiology arm, and that it took so long to get there, everyone involved can now move on.
Read more »
ScoMo’s new private office may need new private toiletThe former prime minister is lining up his office in Sydney’s CBD.
Read more »
Private equity pioneer Pacific Equity Partners is winning over Australia’s wealthiest families. Here’s howIn a few short years, Pacific Equity Partners’ funds under management from private wealth have surged to $2 billion. Co-founder Tim Sims sees plenty more coming.
Read more »