Leisure operator Chorion has snapped up three of the West Ends most popular nightclubs, making it one of the areas largest nightclub operators.
The quoted nightclub and intellectual property rights group has acquired celebrity haunts Sugar Reef and Red Cube close to Leicester Square, W1, and the Chocolate Bar in Berkeley Square, W1, for around £7.5m. The hat-trick of deals follows last weeks news that Chorion had bought the 700-capacity 10 Room, Covent Garden, WC1, for £2.75m.
Chorions portfolio already includes “megabars” Tiger Tiger, OnAnon and Loop Bar.
Chorion chief executive Nick Tamblyn said: “I am delighted that we have been able to conclude these deals. Sugar Reef and Red Cube are extremely successful trading locations, and I expect them to make a significant contribution to profits from 2002 onwards.”
Chorions expansion also highlights its long-running feud with Westminster council over licensing hours. It has been pursuing a judicial review of the councils policy, which is likely to be heard in the High Court in the next couple of weeks.
Earlier this month, Chorion won the first round of the battle, when the High Court overturned a Crown Court ruling that Chorions Loop Bar in Hanover Square should be refused a 3am licence.
Tamblyn said: “Licensing in Westminster is still a pressing issue. One of the reasons we were attracted to this batch of three properties is that they hold late licences.”
Red Cube and Chocolate Bar both have permission to trade until 3am, while Sugar Reef keeps its doors open until 1am.
David Coffer, chairman of Davis Coffer Lyons, which handled the latest Chorion deals, said: “These are the first of a series of transactions in the West End which are taking place in the nightclub and bar sector due to Westminster councils policy of restricting large premises and curtailing terminal hours. We are constantly reviewing the asset values of our clients.”
EGi News 20/06/01
