Buyers sniff eateries

Alex de Vos
Two of Geelong’s iconic restaurants are attracting “strong interest” from buyers after the financial collapse of their owner, according to administrators.
A spokesperson for insolvency firm PPB said buyers were eyeing off Fisherman’s Pier and Man Bo following the collapse of entrepreneur Rick Munday’s pub and restaurant empire.
The spokesperson confirmed the restaurateur’s main lender, National Australia Bank, had placed the Munday Group in receivership after last-minute negotiations fell through earlier this month.
PPB said the Geelong restaurants would continue operating “as normal”.
“At this stage the intention is to continue operating the businesses while we seek buyers for the restaurants and pubs,’ the spokesperson said.
“But there has been strong interest.”
The group also controls well-known inner-city Melbourne pubs including The Golden Nugget, Players on Lygon Street and Prahran’s The Court Jester.
Mr Munday was reported last week as blaming State Government’s new gaming machine regulations for the collapse of his company.
The new regulations will replace a duopoly between gaming machine giants Tatts Group and Tabcorp.
However, the Government brushed aside Mr Munday’s allegation, saying the new legislation would have a “profitable impact” on gaming operators.
“This Government believes the market for gaming machine entitlements is robust and that entitlements represent good value for business,” a spokesperson for the Victorian Gaming Minister said.
“Under the new industry model, with the removal of the gaming operators Tattersalls and Tabcorp, venues will have the opportunity to derive a greater share of gaming revenue generated by their businesses.”