Alchemy Partners, the private equity company led by Jon Moulton, is understood to be exclusive talks to buy Luminar’s Entertainment Division, M&C has learnt.
Alchemy is understood to be interested in the entire division although a source close to the situation said ‘there are many moving parts in this process’.
The price is unknown.
When the business, which includes the Chicago Rock Cafe and Jumpin’ Jaks concepts, was first marketed for sale in the spring, it was valued at about £120m although its value is understood to be significantly less now due to declining profit figures.
Parties originally interested in buying the business were thought to include Ian Payne, the former Laurel chief executive, with backing from TDR Capital, and John Sands, the former Pubmaster chief executive. Regent Inns is also thought to have looked at the division.
A deal by Alchemy would follow its recent acquisition of Spirit Group’s City Day and Night Division, which included the Henry’s Cafe Bar brand, for £177m.
It is also thought to have approached the management of Inventive Leisure regarding a deal to take the business private, although Alchemy is likely to face competition from Inventive Leisure and Regent Inns.
Both Alchemy and Luminar declined to comment on the situation.
