BusinessBusiness RecoveryBig Beat sold at second attempt

Big Beat sold at second attempt

KPMG corporate recovery has announced it has sold restaurant and bar chain Big Beat to a Glasgow-based group after the sale to another set of buyers fell apart.

The Big Five firm said yesterday it has sold all of Big Beat’s pubs and restaurants to G1 Group for an undisclosed sum.

KPMG had previously announced the selection of Finlaw 279 as a buyer for Big Beat. The buyer, a ‘shelf’ company, had awarded a management contract to the Mean Fidler Group when the deal was formally concluded.

At the time Blair Nimmo of KPMG had said: ‘We are delighted to have found a buyer for the entire portfolio.’

But this week the firm said Finlaw was ‘no longer the preferred bidder for the Big Beat business

However, G1 has not acquired Media, Tunnel and Universe nightclubs and which will continue to trade as normal until a buyer is found

Nimmo said: ‘We are delighted that the G1 group is acquiring the bulk of the portfolio in Scotland, thereby securing several hundred jobs in the hard-pressed leisure and tourism sector.’

Links

Big Beat sold in multimillion pound deal

Deadline set for Big Beat enquiries

Big Beat not beaten just yet

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