Soho Bars bids for 28 Po Na Na venues
Soho Bars and Restaurants has tabled a bid for the whole of the 28-strong Po Na Na nightclub business being sold by private equity company Avanti Capital, the Morning Advertiser has learnt.
Po Na Na was placed on the market in March by Avanti with a price tag of around £15m.
The sale process has been a protracted one because of the large number of other high-street businesses being sold during the spring. In addition, Cavendish Corporate Finance has issued a second information memorandum with updated information.
A Soho Bar source said: 'We put in a bid for the whole business about three weeks ago.
Analysts named Ultimate Leisure and CanDu Entertain-ment, the UK's second-largest nightclub company, as other interested parties.
Po Na Na made £598,000 in Ebitda (earnings before interest, taxes, depreciation, and amortisation) in the 26 weeks to 26 December 2004. Avanti bought the business out of receivership in 2003 for £7m. In March Avanti increased its stake in Po Na Na from 58% to 73% after the departure of chief executive David Phelps.
Po Na Na's best site is the Hammersmith Palais in London. Soho Bars, headed by Jeremy Gordeno, was formed last year after the acquisition of seven West Ends bars. It owns the 900-capacity Jewel in Piccadilly, the American theme bar Cheers in Regent Street and Bar Soho in Old Compton Street.
