Ferrier Hodgson Partners Mr John Lindholm and Mr Peter McCluskey have been appointed Receivers and Managers of the Cornerstone Group.

The group operates 15 high-profile hotels in Melbourne and country Victoria, including the iconic Botanical in South Yarra.
Mr Lindholm said: “It will be business as usual at the hotels while I examine the company’s financial records”. “Once we have a clearer understanding of how the group has been performing we will be in a better position to make decisions about its future,” Mr Lindholm said. “Certainly, we will be looking to ensure the group is well positioned to trade into the future”. He said one possible course of action would be to seek a buyer or buyers for some of the hotels as part of a restructuring to ensure the group continues with a portfolio capable of sustained growth and profitability.