Caledonia Investments has sold The Sloane Club in London for c£81m to Sloane Investments - a joint venture between Queensway Group & Clearbell Property Partners

The investment company said it had sold its interests in the private members club in Chelsea, for £80.6m, raising £80.2m after costs. The company received £3.5m as part of a pre-sale distribution of profit,

For the year ended 31 March 2017, The Sloane Club generated pre-tax profits of £2.8m. It distributed £1.8m of this as dividends and interest to Caledonia.

Caledonia said it was carrying the club, which it had originally acquired in 1991, on its balance sheet and within its net asset value at £61.4m as of 31 March.

“With Caledonia’s support for over a quarter of a century, The Sloane Club has grown to be a unique asset in the heart of London’s Chelsea and exemplifies Caledonia’s long term approach to investing”, Caledonia head of Unquoted Investments Duncan Johnson said. “We are delighted to have identified new owners for the club who share a similar investment ethos to Caledonia’s.”