Sports Café owner acquires late night bar firm

Agilo, the investment firm who rescued Sports Café in January, has snapped up late night bar operator Candu for an undisclosed price to expand its burgeoning hospitality empire.

Candu Entertainment was formed in June 2005 after a £28m management buy-out, supported by private equity group Close Brothers, from late night club and bar operator Luminar.

Its 30 strong estate comprises of nightclubs and high street bars, predominantly in regional towns across England and Wales.

Jason Granite, founding partner of Agilo, said: "I can confirm we have acquired the business and assets of Candu. This transaction has allowed the business to shed its unprofitable venues and created a highly profitable leisure group."

Granite added that Agilo remained "very excited" about other opportunities in the sector.

Agilo - a London-based firm specialising in distressed companies - bought five of the Sports Cafe's sites in London, Leeds, Birmingham, Newcastle and Glasgow after the sports chain appointed the administrators after poor Christmas trading.

Sports Cafe rescued by investment firm >>
Luminar to sell 49 nightclubs >>

By Christopher Walton

E-mail your comments to Christopher Walton here.