Trevor Hemmings, the leisure and property tycoon, has bought the nationwide Brannigans chain of bars in a joint venture with Bank of Scotland Corporate Banking.
The deal, for an undisclosed fee, was made by Brannigans Limited, a new company created specifically for the acquisition of the business.
Under the terms of the deal, 85% of Brannigans is owned by the Hemmings’ family interests and 15% by Bank of Scotland Corporate Banking.
Brannigans has been in receivership with PricewaterhouseCoopers since November 2002, when parent group Mustard Entertainment collapsed.
David Burns, the director of leisure for the Hemmings’ family interests said: "It is our intention to retain and grow the Brannigans business on the back of its successful entertainment name and its regular and loyal customer base.
"We will seek to enhance the eating, dancing and cavorting experience. This acquisition complements our existing portfolio of leisure businesses and provides exciting career opportunities for employees across all our companies."
The executive management of Brannigans Ltd comprises Burns, Marc Etches, who is currently managing director of Leisure Parcs, and George Edwards, the operations director of Pontins.
The 15 sites are located in: Birmingham, Blackpool, Bristol, Chester, Crawley, Ipswich, Luton, Manchester, Norwich, Reading, Romford, Sheffield, Southampton, Stockport and Warrington.
Hemmings slipped from number 56 to 60 in The Rich Report 2003, produced by the Mail on Sunday, with a fortune of £495m, up from £490m.
Other companies that had been linked to Brannigans include Style in the City, the owner of Babushka, and Luminar.
The deal, for an undisclosed fee, was made by Brannigans Limited, a new company created specifically for the acquisition of the business.
Under the terms of the deal, 85% of Brannigans is owned by the Hemmings’ family interests and 15% by Bank of Scotland Corporate Banking.
Brannigans has been in receivership with PricewaterhouseCoopers since November 2002, when parent group Mustard Entertainment collapsed.
David Burns, the director of leisure for the Hemmings’ family interests said: "It is our intention to retain and grow the Brannigans business on the back of its successful entertainment name and its regular and loyal customer base.
"We will seek to enhance the eating, dancing and cavorting experience. This acquisition complements our existing portfolio of leisure businesses and provides exciting career opportunities for employees across all our companies."
The executive management of Brannigans Ltd comprises Burns, Marc Etches, who is currently managing director of Leisure Parcs, and George Edwards, the operations director of Pontins.
The 15 sites are located in: Birmingham, Blackpool, Bristol, Chester, Crawley, Ipswich, Luton, Manchester, Norwich, Reading, Romford, Sheffield, Southampton, Stockport and Warrington.
Hemmings slipped from number 56 to 60 in The Rich Report 2003, produced by the Mail on Sunday, with a fortune of £495m, up from £490m.
Other companies that had been linked to Brannigans include Style in the City, the owner of Babushka, and Luminar.
