A private equity fund based in the Cayman Islands plans to buy troubled nightclubs and late night bars, according to the Financial Times.
The newspaper reports that EMCO Capital Partners is set to buy up ailing venues from Cornwall to northern England. It plans to invest £5m per month and is looking at Newquay, Penzance and Northampton initially.
It will not be targeting London, where it believes the project would be hampered by high property values and a difficult planning system.
According to the newspaper, EMCO Capital Partners will try to rejuvenate the venues through refurbishments, or redevelop them as flats, shops or offices before selling them on.
Fund co-founder Emyr Hughes told the FT: “Clubbing is about escapism and people are being a lot savvier these days about how they spend their money to escape from normal life. If you want custom you need to provide something people are prepared to pay for, like getting one of The X Factor contestants to come and do a live act.”
