Sale of NLG pubs confirmed
By James Atkinson
PPB Advisory, the receiver and manager of National Leisure & Gaming (NLG), has confirmed that 24 NLG venues are to be acquired by Redcape Hotel Group.
PPB on Friday announced the deal to the ASX and said the venues being acquired by Redcape include some of the best performing gaming venues in NSW.
Redcape Hotel Group is also in discussion in relation to a further two NLG venues.
PPB Advisory partner Stephen Longley, said the deal secures the future for the majority of NLG's portfolio of venues and its employees.
"We are also in the process of negotiating the sale and orderly handover of the venues not included in the Redcape transaction to their respective landlords," he said.
Redcape chairman Trevor O'Hoy said the acquisition of the management function of Redcape-owned hotels currently operated by NLG "represents the culmination of the stabilisation and recapitalisation of the Redcape Property Group".
"The merger of the operational and financial capabilities of these two organisations is an important further strategic step in repositioning the Redcape Property Group for a sustained period of growth," he said.
The sales contract is subject to standard conditions precedent, which are expected to be satisfied within the next four to six weeks.