The fashionable Ministry of Sound dance club in London's Elephant & Castle is to be floated on the stock market.
Chief executive James Palumbo will appoint a finance director to prepare for the flotation within the next year. Analysts say the business could be worth about £75m purely as a nightclub but the extension of its brand name into related merchandise and events could add greatly to its value. In the 16 months to the end of December 1998, Ministry of Sound holdings made an operating profit of £802,147 and a pre-tax profit of £933,404, with a turnover of £26.17m.
The Ministry of Sound will be the first listed company to emerge from the underground dance music scene in the UK. Analysts are speculating that other similar clubs such as Liverpool's Cream might eventually follow suit.
Financial Times 26/02/2000
page 16
Chief executive James Palumbo will appoint a finance director to prepare for the flotation within the next year. Analysts say the business could be worth about £75m purely as a nightclub but the extension of its brand name into related merchandise and events could add greatly to its value. In the 16 months to the end of December 1998, Ministry of Sound holdings made an operating profit of £802,147 and a pre-tax profit of £933,404, with a turnover of £26.17m.
The Ministry of Sound will be the first listed company to emerge from the underground dance music scene in the UK. Analysts are speculating that other similar clubs such as Liverpool's Cream might eventually follow suit.
Financial Times 26/02/2000
page 16