‘That’s not Victoria’: Pub giant looks to invest millions elsewhere
The CEO of Australia’s second-largest pub group says the company is planning on investing millions of dollars in Queensland and New South Wales, not Victoria, due to the destructive impact the state’s lockdown has had on business confidence.
Australian Venue Co has a national portfolio of more than 150 pubs and venues, including 32 shuttered venues in Victoria which are likely to remain closed until the end of the year.
CEO Paul Waterson says the group has been left with no choice other than to invest its additional capital in states with better business conditions.
“We’re looking to spend about $30 million worth of capital within the next 12 to 18 months,” Mr Waterson tells Brooke Corte.
“We’ll allocate that capital in Queensland and New South Wales, states where we can see growth, where we’ve been able to engage with government and open in a meaningful way, and where we’ll get the best returns,
“Any business will invest their capital where they think they’ll get their best returns and that’s not Victoria at the moment,”
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