BusinessBusiness RecoveryEquity business buys 28 Po Na Na clubs

Equity business buys 28 Po Na Na clubs

Po Na Na, the night club and bar business which went into administration earlier this year, has found a buyer for up to 28 of its venues.

Link: Buyers sought for night club group

Avanti Capital is to invest up to £7m in selected Po Na Na bars and night clubs, all of which are either based in London or in university towns and are currently trading profitably.

Along with its cash investment, Avanti is also supporting a management team led by David Phelps, previously commercial director of Po Na Na Group plc.

Julian Fellerman, CEO of Avanti Capital, said: ‘This transaction falls squarely within our criteria – the portfolio is profitable and has sound growth potential – the added ingredient is that we are investing at a time when the sector is at a low point.’

‘We have great confidence in the management team’s deep knowledge and experience in this business and the sector and believe in their ability to take this strong core of units forward in terms of growth and profitability.’

Po Na Na was placed in administration on 1 May this year following financial problems, with partners from Grant Thornton appointed administrators.

Related Articles

Carillion CFO blew whistle over “sloppy accounting” months before collapse

Business Recovery Carillion CFO blew whistle over “sloppy accounting” months before collapse

2m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

2m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

3m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

3m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

3m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

3m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4m Emma Smith, Managing Editor