Hiscox takes on two more projects
Palmerston North bar owner Nathan Hiscox has expanded his hospitality portfolio after two investors made him offers he described as "too good to refuse".
Hiscox, who owns Fitzherbert Ave bars The Beer Barrel and The Empty Vessel, has bought the Terrace Tavern and taken a 50 per cent stake in Icons Stadium Bar.
Hiscox had been in discussions with the owners of the two bars for some time, but said the opportunity to buy them came up only recently.
"I didn't really want to take on two new projects, but the deals that we negotiated were just too good to refuse.
"Both developers wanted me involved."
A Chinese consortium bought the Highflyers building on Main St, which Icons is part of, and wanted to rebrand, Hiscox said.
"It's a 50-50 partnership there - I'm going to be mentoring and helping them through."
Icons would end up expanding, taking over the garden bar out the back of Highflyers, he said.
Hiscox said he would have wanted to be in the bars sooner, but the development of Beer Barrel had put the brakes on things.
"Beer Barrel took a couple of years to get up and running, and we got into quite a lot of debt, so it has taken a number of years to get things better."
Hiscox would not say how much it cost him to buy into the two businesses.
- © Fairfax NZ News
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