AUCKLAND, NZ: Good Spirits Hospitality Limited (NZX: GSH) has entered into a conditional agreement to sell its business and assets to Brew on Quay Limited (BOQ) for $20.7 million.

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.

GSH and its wholly owned subsidiaries, Good Spirits Hospitality No.1 Limited and Good Spirits Hospitality No.3 Limited have entered into a conditional agreement to sell the business and assets of all nine operating venues to Brew on Quay Limited.

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.

The Chairman of GSH’s Independent Transaction Committee John Seton said that “the Transaction will ensure a stable future for the Good Spirits Hospitality venues”.

“The BOQ team have a long, successful history of growing and operating some of New Zealand’s best performing establishments. We are excited by the prospect of them working together with our staff and operating the Good Spirits Hospitality venues.”