Mezzanine chief executive Marios Georgallides has quit the restaurant and bar operator amid speculation he is to launch a takeover bid.
The move follows Mezzanine’s sale today of exclusive nightclub Attica to another of Georgallides’ companies.
Georgallides is a director at rival group Soiram, which paid £3.4m for the Kingly Street, W1 venue.
Proceeds from the disposal will be used to reduce Mezzanine’s indebtedness and provide additional capital.
Mezzanine’s directors described the terms of the disposal of Attica – classed as a related-party transaction – as “fair and reasonable”.
In October 2001 Mezzanine’s two executive directors Roddy Sutherland and Marios Georgallides said they were both examining the possibility of making an offer for the entire issued share capital of Mezzanine.
Although no offer has been made, both directors say they remain interested.
Last month the group sold Storm nightclub in Southend-on-Sea to Shea Properties after announcing operating losses of £1.7m.
Roddy Sutherland, Mezzanine’s chairman, said: “This disposal is the second major step of the company’s well-documented strategy to dispose of non-core assets and demonstrates the board’s commitment to this aim.
“I expect to be able to announce further disposals in the coming months.”
References: EGi News 27/03/03
