Inventive Leisure, parent company of Revolution vodka bars, has become a 100% leasehold company after selling freeholds on nine of its bars in the North and Midlands.
Specialist property investor Aprirose has signed a deal worth £17m for 25-year leases on Revolution vodka bars in Huddersfield, Lancaster, Leicester, Lincoln, Liverpool, Newcastle-under-Lyme and Wolverhampton: plus two in Manchester.
Aprirose were the winner in a sale that attracted "a number of bidders" despite the current credit squeeze.
Mark Sheehan, managing director for corporate leisure at Coffer Corporate Leisure who acted for Revolution, said: "This sale demonstrates that despite a nervous market there is still a strong demand for opportunities of this kind and debt driven deals can be funded."
Christie & Co director Jon Patrick, who advised Aprirose on the acquisition, said: "The Inventive sale and leaseback portfolio comprised over 80,000sq ft of good quality real estate, with rental levels set at a realistic proportion of profits. This should enable Inventive to maintain investment in the units in the future."
By Christopher Walton