Bar group Chorion has finally bowed out of London's troubled Trocadero retail and leisure venue just off Piccadilly Circus. The company will now focus on its intellectual property rights business and its growing chain of bar nightclubs.
It is paying Burford Holdings £7.2m to extricate itself from two remaining Trocadero leases. Rental deposits of £12.8m will be returned to Chorion in cash. Chorion will also be eliminating annual losses of about £1.4m.
Burford now proposes an overhaul of the site, which has failed to be a financial success despite having 60 million visitors a year.
It is paying Burford Holdings £7.2m to extricate itself from two remaining Trocadero leases. Rental deposits of £12.8m will be returned to Chorion in cash. Chorion will also be eliminating annual losses of about £1.4m.
Burford now proposes an overhaul of the site, which has failed to be a financial success despite having 60 million visitors a year.
