Mantle Group Hospitality has moved to sell the leaseholds of two of its Pig ‘N’ Whistle pubs in Brisbane.
The sale involves the leasehold interests of the Pig ‘N’ Whistles on Brunswick Street in Fortitude Valley and Indooroopilly, available individually or in one line, with the Pig ‘N’ Whistle branding to remain with the Queensland hospitality group.
The latest listings comes after the Mantle Group, led by Godfrey and Jenny Mantle, sold the Pig ‘N’ Whistle Redbank Plains leasehold to Redcape Hotel Group for $11.5 million last year.
While the group had been working toward a mid-2019 IPO, enlisting Brisbane stockbroking and advisory firm Morgans for its public listing, it is understood the group’s recent annual report shows it had been battling funding issues.
But Mantle Group’s chief executive Arj Rupesinghe says the divestment comes as the company focuses on “the rollout of larger scale venues in Brisbane CBD and the Gold Coast”.
Large scale venues include the recently opened the Hogg & Lamb-designed 770-person capacity The Sound Garden, next to The Fortitude Music Hall, in Brisbane’s Fortitude Valley.
“The group is looking forward to moving in a new direction this year,” Rupesinghe said.
A spokesperson confirmed Mantle group secured $85 million in funding from credit fund manager OCP Asia to boost its expansion plans.
Rupesinghe said the new direction includes a focus on “core business and offering new developments in Brisbane City, Sydney and the Gold Coast.”
CBRE Hotels’ Paul Fraser and Chloe Mason have been exclusively appointed to manage the expressions of interest campaign.
“While the Brunswick Street and Indooroopilly assets both carry the Pig ‘N’ Whistle brand, we believe they will attract very different purchasers, given they have vastly different attributes and price points,” Mason said.
“Given the Pig ‘N’ Whistle brand does not form part of the sale, the incoming purchaser has a real opportunity to reposition the pub immediately and tap into the local community in the surrounding Valley precinct,” Mason said.
Pig ‘N’ Whistle Indooroopilly spans a large footprint within the shopping mall, located seven kilometres west of Brisbane CBD. The controversial decision to put 45 poker machines inside the Brisbane suburban mall was approved by the office of liquor and gambling late last year, despite opposition from the local public.
Pig ‘N’ Whistle Brunswick Street is spread over two buildings and two levels, comprising two outdoor beer gardens, and four separate bars.
The national expressions of interest campaign closes 26 March, 2020.