Manchester-based Hale Leisure has sold its four remaining bars in the city for around £5m.
Hale, co-owned by Simply Red manager and Ask Developments chairman Andy Dodd with founders Aiden Clancey and Eamonn Dwyer, has sold its Barca, Prague 5, Berlins and Glass bars.
The news follows the sales of the Reform Club on King Street to Hurricane Restaurant Group, Dry Bar on Oldham Street to one of the directors of Hale Leisure, and Sofa in Fallowfield to Punch Taverns.
Jeremy Collins of leisure adviser Jenics, who negotiated on behalf of Hale Leisure, said: “Activity in the High Street bar/restaurant market has seen a marked decline over the last 12 months and new entrants to the Manchester city centre market have been few and far between.
“However, this transaction merely reinforces that demand for high-profile sites remains strong, with the majority of interest being generated from smaller corporate bodies, as opposed to the large Plc operators, who have not always seen the expected returns and had perhaps adopted an unsuccessful a ‘one size fits all’ branded approach.”
Dodd added: “After almost eight years operating innovative venues in the city, we are confident Valleyhill’s purchase will ensure continuity of the Hale Leisure legacy and undoubtedly enhance the leisure offer to the benefit of the greater Manchester public.”
Hale Leisure, having exited the city centre, will now refocus on its core business of operating student bars including Manchester University institution Jabez Clegg.
References: EGi News 11/09/03
