AUCKLAND 2 August 2023: Good Spirits Hospitality Limited (NZX: GSH) – leading hospitality operator in the Auckland pub market and owner of iconic venues including The Cav and Danny Doolans – has entered into a conditional agreement to sell its business and assets for $20,701,400 plus GST (if any).
As previously announced, following a strategic review conducted by transaction advisor Tonnant Partners, the Board of GSH decided to pursue a sale of the assets of GSH and its subsidiaries. On 5 July 2023 GSH advised that it had received final bids from potential purchasers and was working through these offers with its lender, Pacific Dawn Limited ("Pacific Dawn").
After a lengthy competitive sales process run by a committee of the independent directors of GSH and Tonnant Partners, GSH is pleased to advise that it and its wholly owned subsidiaries, Good Spirits Hospitality No.1 Limited and Good Spirits Hospitality No.3 Limited (the "Vendors") have entered into a conditional agreement to sell the business and assets of all nine operating venues to Brew on Quay Limited ("Transaction").
Brew on Quay Limited (“BOQ”) is or will be owned by Richard Sigley, Geoff Tuttle (CEO of GSH) and Jaime Dutton, who are well known in the hospitality industry, together with Matt Adams (who is a director of GSH). The BOQ group currently owns and operates three well known venues in Auckland and Waiheke Island.
The committee of the independent directors of GSH and Tonnant Partners identified the Transaction with BOQ as offering the best outcome for all GSH stakeholders. The negotiation of the Transaction was conducted at arm's length, with both GSH and BOQ acting in their own interests.
GSH - Good Spirits Hospitality - Going Away Plans
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