Big Beat, which includes famous London nightclub Home, was sold to Finlaw 279 Ltd, a ‘shelf’ company created for the purpose of the purchase.
After being awarded the contract by Finalw, Mean Fiddler Group will manage Big Beat’s portfolio once the deal is completed.
Although officially the sale is for an undisclosed sum, a source close to the company said the cost of the transaction was about £20m. The deal will preserve about 600 jobs.
Big Beat went into receivership in April after Home’s operating license was revoked by Westminster city council over allegations of drug-dealing on its premises. According to KPMG the closure of the popular nightclub on Leicester square ‘severely curtailed’ the company’s trading position.
KPMG received over 450 enquries when it put the business up for sale, setting a final deadline for expressions of interest in May. In the end, there were 123 formal offers for Big Beat.
Partner Blair Nimmo said: ‘Big Beat had a strong portfolio of licensed premises and we are confident that the new owners have exciting plans to develop the business.’
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