Top music venue sold to tycoon

London live music venue Parker McMillan has been sold to the businessman responsible for bringing American fitness chain Gold's Gym to the UK.

Dave Bance of the Bance Group, an international manufacturing, property and investment company, has taken over the private lease, which has 22 years remaining, from Christian Arden of Matterhorn Capital Pubs & Bars. Agents Davis Coffer Lyons sold the 6,800sq ft venue for an undisclosed sum.

Open since 2006, the venue was the vision of a former creative director at Saatchi & Saatchi and inspired by his time in New York. The venue was named after a Wall Street executive.

Located in Moorgate, on Chiswell Street, it was known as a secret gig venue for well-known artists like Groove Armada and Kasabian.

Bance intends to keep trading under the Parker McMillan name, but plans to refurbish the club in sections, starting with introducing a 100-cover restaurant that will serve food all day.

He will bring in themed club nights based around Bollywood, funky house and indie rock among others.

This is Bance's first club — previous investments in-cluded the film and music industry. He is looking for further sites in the West End and City fringes.

Davis Coffer Lyons' Chris Bickle said: "It is an exceptional space and offers flexibility to trade as a multi-dimensional venue."