At first, receivers were concentrating on trading the business as normally as possible to maintain customer interest. Now they are focusing on marketing the business for sale.
‘There is a chance to sell the company as one unit or in groups of units,’ KPMG partner Blair Nimmo told Accountancy Age. ‘It looks more likely to be sold in groups of units.’
He continued: ‘We are now looking at setting a closing date for the offer later this month and to reduce the offers to a manageable level.’ Nimmo added that they hope to finalise details of the sale by June or July.
He said the well-known Home nightclubs in London and Sydney had attracted particularly high interest.
This was confirmed by Tracey Mills, director of Davis Coffer Lyons, the surveyors in charge of the sale of Home in London. ‘There’s been substantial interest,’ she said, adding that they had more offers than they could count.
‘We’re assimilating all the interests that we have had and conducting viewing,’ added Mills.
She said the deadline for receiving expressions of interest was 25 May, after which they will be dovetailing interests with KPMG.
At that stage they will talk to KPMG to decide whether to sell the club on its own or as part of a group.
KPMG’s website is at www.kpmg.co.uk
Big Beat’s website can be found at www.bigbeat.co.uk.
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