Hobart Pub Group Enters Voluntary Administration

The group managing some of Hobart's most well-known pubs, including the Republic Bar, Jack Greene and Cargo, has entered voluntary administration with owners pointing to rising supply costs and changing consumer behaviour.

Corporate finance and restructuring firm Apex Advisory will lead a sale process for the seven venues owned by Pub Banc Group and Hotel Banc Group, which employ more than 80 people in total.

The venues will close while an urgent sale process is undertaken.

The venues are:

Cargo Bar

Jack Greene

Post Street Social

Observatory Bar

Republic Bar

Franklin Wharf Restaurant & Bar

Franklin Wharf Function Centre

"The purpose of the voluntary administration is to preserve the value of these businesses and move quickly to a sale or recapitalisation, with the aim of seeing the venues reopen under new ownership," Apex Advisory managing director Tim Booker said.

"Our objective is to protect jobs wherever possible, maximise the outcome for creditors and secure the long-term future of these venues for the Tasmanian community."

Staff have been informed this morning, while suppliers and creditors will be contacted in coming days.

Mr Booker said he expected significant interest in the businesses, which it was hoped would reopen under new ownership.

"These are iconic venues with strong brands, prime locations and loyal patronage, and assets of this quality rarely come to market."

Director of Pub Banc Group and Hotel Banc Group Ian Vaughan said the appointment of administrators was "deeply disappointing", and that the business had faced "significant headwinds".

"Today, our thoughts are primarily with our employees, many of whom have dedicated years of service and helped create the welcoming experiences for which our venues are known."