Prahran pub the Smith sells to Australian Venue Co

Michael Lambie, Scott Borg and Brad Simpson have sold their recently refurbished Prahran pub, the Smith, to Australian Venue Co.

The Smith's sale comes almost exactly a year after the venue reopened, having closed for a six-month, multi-million-dollar renovation that expanded the dining room, adding two function spaces, an atrium bar and an adjoining fish and chip shop, Smith & Chips.

Lambie, the former head chef at Circa and Taxi Dining Room, said at the time of reopening, "The dining world has moved and we're moving with it".

Borg confirmed the sale but refused to elaborate other than to say that the selling of restaurants was common practice and they were happy with the outcome. Lambie and Borg are also co-owners of pan-Asian eatery Lucy Liu in Melbourne's CBD.

The Smith's new owners, Melbourne-based Australian Venue Co (formerly Dixon Hospitality), has been gradually amassing a national portfolio of restaurants, bars and events spaces. It operates more than 50 high-profile venues, including the Provincial in Fitzroy, the Duke of Wellington in Melbourne, and O'Connell's in South Melbourne.

In a media release, Australian Venue Co says: "The Smith is a local treasure for Prahran and we're excited to bring the next chapter of the venue to its patrons."