Buyers sought for night club group

Link: Nightclub calls in GT administrators

Grant Thornton partners Martin Ellis, David Thurgood and Malcolm Shierson were appointed administrator to the club by a High Court 10 days ago, and they are now seeking interested buyers.

Although the administrators are keen to sell the more than 40 clubs owned by Po Na Na to one busyer, it is more likely that they will be sold off seperately or in batches.

One analyst said only between 10 and 15 of the clubs were viable business prospects, although Shierson said that takings at the clubs over the last week exceeded expectations.

It has also been reported that Po Na Na chief executive Christian Arden may buy a number of the clubs.

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