Paul Waterson was an ICU nurse until a broken hand set him on a different path to lead Australian Venue CO’s 210 pubs and bars across the country.
Spotless, went on to establish a large pubs group, which eventually transformed into AVC. Waterson was along for the ride.
One item which has proved to be extremely popular is a “slushy cocktail”, or a frozen cocktail often involving tequila, vodka or rum, which bartenders were experimenting with in one of the venues. They are now being rolled out to many venues in time for summer.Waterson likes to spend a lot of time being out and about in the AVC venues, checking in with staff who are the heart and soul of the business.
AVC operates 210 venues across all states and territories and New Zealand, and is the second-largest pubs group behindwhich has 344 hotels and also runs the Dan Murphy’s and BWS liquor chains. Now that the business is accelerating and with the pandemic in the rearview mirror, it is understood that KKR is running the rule over its exit options again. A trade sale is considered more likely, given theat the moment. Waterson says private equity groups “always keep an eye to an eventual liquidity event”.
The khaki strategy involves a major renovation of a pub which has been dormant after shutting early in the COVID-19 pandemic, and lacks the financial firepower to reopen.
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