A Vancouver-based hospitality group is selling a pair of businesses downtown as it pursues a path out of debt, weeks after the B.C. Supreme Court approved its financial restructuring plan.
The Cinema and The Butcher & Bullock public houses are the top two listings featured on the Restaurant Business Broker’s website this week.
They’re owned by the Donnelly Group, which has rebranded itself as Freehouse Collective and initiated proceedings under the Companies’ Creditors Arrangement Act back in May.
The listings went live Thursday, nearly a month to date after the group received unanimous support from its lenders to move forward with a proposal to revise the terms of existing loans and restructure debt “that was required to survive the pandemic,” the company said in a statement.
On July 26, the B.C. Supreme Court approved an amended version of the debt restructuring proposal.
“We’re now executing that plan, which includes agreed-upon disbursements to creditors, consolidation and refinancing of our reduced debt facilities and the undertaking of renewed management processes largely aimed at streamlining our operations for scale and growth,” wrote Harrison Stoker, the group’s chief growth officer.
He says there are no immediate plans to sell additional locations, other than the two already listed online.
The starting price for Cinema Public House at 901 Granville St., described as “a proven location on one of the busiest corners in downtown Vancouver,” is $1.2 million.
“Outfitted with a commercial kitchen and liquor license, the location has 156 seats including patio, with a lease of $25,237 gross rent,” the listing details.
The Butcher & Bullock Public House at 911 W Pender St. is listed for $750,000.
“This location is outfitted with big screen TV’s and a variety of games and entertainment, providing an