“Distressed situations” fund Agilo has acquired only 31 sites out of the
Candu Entertainment nightclub business it has bought out of administration.
Candu Entertainment was placed in administration last Thursday with Ernst &
Young and Agilo moved to take on its best sites.
Agilo, which was founded by Jason Granite, bought Candu¹s debt earlier in the year from Barclays. Agilo has not bought sites in Kings Lynn, Huddersfield - which were closed in February - Hartlepool and Cheltenham. Candu sold five sites in 2007 to Summit Clubs, headed by Jeremy Gordeno, including Liberties in Nottingham, Rumours in Clacton and Shout in Wood Green.
CanDu Entertainment, led by Tim Roberts, was originally formed when Close Brothers Private Equity backed a £27.2m management buyout out of Luminar¹s enterprise division. At the time of the buyout, the division owned 49 late-night venues (29 clubs and 20 high-street bars) and generated a £3m operating profit from £45.6m of sales.
Agilo is merging the Candu Entertainment business with the five Sports Cafe
sites it acquired out of administration earlier this year.
