Neil Perry set to regain control of his premium restaurants

Neil Perry is in negotiations to formally regain control of his premium restaurants, The Sydney Morning Herald understands from sources close to the celebrity chef and restaurateur.

Owned by Quadrant Private Equity investment firm, Rockpool Dining Group was formed in 2016 when Mr Perry's fine dining establishments merged with the restaurant portfolio of Urban Purveyor Group (UPG), owner of the Bavarian Bier Cafe.

Sources close to the deal say Mr Perry is advanced in negotiations with Quadrant to regain control of Rosetta, Spice Temple and Rockpool Bar & Grill – brands the 62-year-old chef and restaurateur established.

Sydney and Melbourne are both home to Spice Temple and Rosetta restaurants, while outposts of Rockpool Bar & Grill operate in Sydney, Melbourne and Perth.

Under the plan Perry would in the short-term oversee the restaurants under Quadrant ownership while investors were secured to help him in a buy-back of the restaurants in which he retains a stake.

Mr Perry declined to comment, but senior staff have been briefed on the deal.

It is believed the group's Burger Project eateries, the fast-casual chain Mr Perry launched in 2014 before merging with UPG in a reputed $100 million deal, won't return to the watch of its founder if the deal proceeds.

Sources also report Mr Perry will take back the former Rockpool 1989 site at 11 Bridge Street, Sydney.

Rockpool Dining Group's wider 70-venue portfolio includes national restaurant brands Sake, Fratelli Fresh, El Camino, Beerhaus and, the jewel in its crown, The Bavarian. Quadrant has previously explored the sale of the group as a whole entity.

With hot dogs, one-litre beers and "mega schnitzel" eating challenges, the family-friendly fleet of Bavarian restaurants account for about half of Rockpool Dining Group's $400 million annual revenue. The Bavarian is on its own aggressive expansion path, pushing into foreign markets such as New Zealand.

Three years ago the group had seven Bavarians. Now there are more than 30 across Australia. Plans to sell Rockpool Dining Group were parked in 2019, with Rockpool Dining Group's CEO Thomas Pash telling the Australian Financial Review his company could open at least another 100 Bavarians nationally and 400 in the United States.

Meanwhile, Rockpool's premium fine-diners have fallen in restaurant critic rankings since 2016.

Sydney and Melbourne Spice Temples both dropped from a two-hat rating to one hat in The Good Food Guide, while Rockpool Bar & Grill at Crown Melbourne suffered a similar fate in the dining bible's 2019 edition. Rockpool Bar & Grill Sydney has maintained two hats since opening in the art deco City Mutual Building on Hunter Street in 2009.