Soho Clubs and Bars seeks buyer

West End operator Soho Clubs and Bars is looking for a buyer to inject capital into its business and support its expansion plans.

The group, which operates ten bars in London's West End including Jewel and Cheers (based on the bar in the famous television programme), made the decision to look for a sale after a review of the business by the Corporate Finance arm of Kroll Talbot Hughes.

Joachim Ritter, chief executive of Soho Clubs and Bars, said: "Despite tricky market conditions during 2007 we have grown like-for-like sales by 9% to over £18m.

"After strong Christmas and New Year trading, which saw turnover rise by 2% on a like-for-like basis, we have decided that a sale or the introduction of new capital is required to allow us to continue to expand the business.

"With a portfolio of successful outlets and the Jewel brand we are confident in the growth potential."

The group would not reveal a sale price for the business, nor the level of capital sought.

Soho Clubs and Bars consists of Cheers, Bar Soho, LVPO, Soho Revue Bar, Sirocco and Shadow Lounge, Village, Candy Bar and Jewel in Piccadilly and Covent Garden.

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By Christopher Walton

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