A four-strong management company has been appointed to run Yellowhammer Bars, M&C has learnt.
Voltante Management has been awarded a contract to run the company by Yellowhammer owner, private equity outfit Agilo - former chief executive James Spragg left last week.
The four key members of the new Volante managemnt team are: Carl Anderson, a former Luminar and Candu Entertainment executive, who becomes managing director - he has been working for Yellowhammer as operations director; Nigel Blair is Yellowhammer’s new commercial director - he has experience in the nightclub sector with Allied Domecq, First Leisure and Candu Entertainment and still runs some of his own nightclub venues; Craig Grant, the former Luminar strategy director who was involved in the Candu Entertainment management buy-out by Luminar executives, is chief operating officer; M&C Report revealed a few weeks ago that Derek Parfitt, the fourth member of the Volante team, is the company’s chairman.
Blair told M&C: “The business has a stable platform and there are more opportunities there. Agio has already inveted heavily in this business and naturally wants a return - but its view is never say never (to other acquisitions).” Yellowhammer is made up of three major Agilo acquisitions - the Candu Entertainment buy-out, Future 3000 and the four-strong Sports Cafe business.
Parfitt was appointed Yellowhammer chairman last November - he has previously held directorships with Morrells, Greene King and the Magic Pub Company.
Last month, M&C reported that 25-strong Yellowhammer Bars had opened its sixth site branded as Bliss Bar & Clubroom. The new opening was a former Sports Cafe venue already operated by Yellowhammer in Broad Street, Birmingham. The previous two Bliss openings have been in Taunton, Somerset, and Bournemouth, Dorset.
In its most recent year to 28 February 2010, Yellowhammer lost £3m on turnover of £28m — its operating loss was £1.1m and its interest bill was £1.9m.
