Veritas Investments Ltd subsidiary The Better Bar Co Ltd has gone unconditional on its acquisition of Union Post, a pub in the Ellerslie town centre, and expects to settle next Monday.
The agreement is to buy the business & assets of Union Post from Cloak Hospitality Ltd as a going concern, for $1.5 million plus stock (estimated to be $20,000).
New Veritas chair Duncan Makeig said on Monday: “The board & the management have been investigating potential opportunities to grow the group. Union Post is in a highly desirable location and represents a complementary acquisition for The Better Bar Co on a number of levels, from which we could drive synergies through our existing hospitality outlets, procurement base & supplier relationships. This is an exciting opportunity for the Veritas group.”
Veritas will debt-fund the full purchase price from an acquisition & capital expenditure facility provided by Pacific Dawn Ltd, a subsidiary of Nomura Asia Pacific Holdings Co Ltd of Tokyo.
2 sale contracts fall through
The Better Bar Co has cancelled the conditional contracts to sell 2 other Auckland properties, Doolan Brothers Newmarket & Doolan Brothers Lynfield, to separate private operators, after the buyers failed to satisfy all conditions. The combined cash consideration for the 2 sites was $710,000, before transaction costs.
Mr Makeig said: “Both sites remain profitable and will continue to be operated by The Better Bar Co. The company continues to consider its options for these sites, which may include their redevelopment or sale.”
Veritas appointed Mr Makeig as independent chair on 1 March, replacing Tim Cook, who resigned last November after 3 years in the role.
Mr Makeig has over 30 years’ experience in law, corporate governance, mergers & acquisitions, sustainability & government affairs and has extensive experience in the fastmoving consumer goods sector, working across multiple international jurisdictions as general counsel & company secretary, and leading corporate merger & acquisition activity, sharemarket listing & privatisations.
He’s worked for Lion Nathan Ltd & Yum! International in a number of roles, and in 2016 co-founded China Road Pty Ltd, a full service brand-building partner for Australian & New Zealand premium food producers looking to establish & grow their brands in China.
Mr Makeig chairs the Sydney Children’s Hospitals Foundation and has chaired a number of public & private boards, including Heineken-Lion Australia, Banksia Wines Ltd & Bevchain Australia Ltd. He’s co-owner of The Royal Hotel in Wyong on the New South Wales central coast.
Veritas also announced in March that it intends to rebrand & change its name to Good Spirits Hospitality Ltd by the end of the financial year in June.
Attribution: Company releases.