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.

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