As announced to the market on October 29, the Veritas board has been proactively working on a number of potential solutions for the three underperforming Hamilton bars in central Hamilton owned and operated by Veritas’ subsidiary, The Better Bar Company.

The Better Bar Company has entered into a conditional agreement to sell the business and assets of Danny Doolans Hamilton, The Good Home Tron and The Honky Tonk located on Hood St, Hamilton.These businesses, which have been trading below expectations, are proposed to be sold for $1 million to interests associated with the Lawrenson Group, a significant bar and restaurant organisation in Hamilton.

The sale is subject to a number of customary conditions for a transaction of this type, such as obtaining counterparty consents under the key contracts of the business. Veritas expects the sale to be completed before the end of this calendar year.