Rockpool Empire to be carved up

Rockpool restaurant’s private equity owner will carve up the dining group to create a series of high end and casual dining venues.

Following Neil Perry’s retirement from the Rockpool Dining Group and a failed bid by the famed chef to buy back his premium restaurants, Quadrant Private Equity will move ahead with plans to split the dining group.

Early last year, Perry announced a deal that was to see him leave Quadrant but keep restaurant brands Rockpool, Spice Temple and Rosetta, in three states. The deal fell over after COVID-19 hit and he lost financial backing for the seven-restaurant buyback deal.

An auditor assessing Rockpool’s accounts last year, found there was a “material uncertainty” about its ability to continue as a going concern.

Last December, accounts showed close to $80 million in losses, however the chain insists that it is recovering from the financial devastation of the pandemic.

Quadrant said it was always the intention to split into two stand-alone business units.

The first, a premium hospitality business that will be called Hunter St. Hospitality, the second a casual group to be called Pacific Concepts.

Both companies will be owned by Quadrant, with the existing executive team remaining.

The carve up is expected to provide Quadrant with a flexible exit strategy.

Meanwhile, Perry will shortly open Margaret, a new restaurant at the Pallas House commercial development in Double Bay.

Irit Jackson, 4th May 2021