Vue Du Monde sold to Singapore
And so it’s finally happened.
Celebrity chef Shannon Bennett, whose name is always linked with high-end cuisine in Melbourne, has sold majority stake of his hospitality empire to Singapore billionaire brothers Robert and Philip Ng.
For $15 million, they pick up Melbourne’s top eateries, including flagship restaurant Vue de Monde, Bistro Vue in Little Collins Street, Cafe Vue at Heide Museum of Modern Art, Jardin Tan at the Royal Botanic Gardens, Lui Bar in the Rialto building, burger chain Benny Burger and the Burnham Beeches redevelopment project.
As part of the deal, the chef who stars in MasterChef will be the culinary brand ambassador for an empire expanding into Asia and the United States.
The deal sees the Singapore-based company Golden Developments Private Limited taking a controlling interest in Mr Bennett's Vue Group in September. Golden Developments, a subsidiary of Far East Organization, Singapore's largest private property development company.
Over the past three years, it has spent more than $500 million on residential and commercial developments in Sydney and Melbourne,
The Vue Group's shareholding has been valued at $22.5 million.
Mr Bennett said the deal was about furthering his expansion plans which required funding from another partner.
"What I'm doing over the next 12 months with Far East group, and structuring what I'm doing with these guys, is about establishing the Vue de Monde brand and the associated brands with it so that they are going to be here for the long run," Mr Bennett told Fairfax Media.
"I'm not selling out anything to do with the Vue Group – I'm literally doing this so I can realise my ambition."
He is planning opening a smokehouse restaurant in Los Angeles headed by former Vue de Monde executive chef Justin James next year with his new partners.
And within the next 18 months, he is planning to open 12 Benny Burger outlets in Melbourne and Sydney.
by Leon Gettler, 14th November2016
