De Vere Group to sell venues business
The De Vere Group is to put its conference and meetings business on the market today.
"We believe that under a new owner willing to invest in the business, De Vere Venues will fully realise its potential. The company has a very strong management team and a terrific sales force."
The disposal of what is one of the UK's largest training venues could raise up to £300m for the De Vere Group which is looking to reduce its £1.1m debt..
Headed by chief executive Tony Dangerfield, De Vere Venues currently operates a total of 38 centres, including Heythrop Park in Oxfordshire (pictured) and Horsely Park in Surrey. They include a mix of freehold and leasehold properties, some of which are run on a managed or franchised basis.
De Vere Venues was formerly known as Initial Style Conferences before being acquired by Richard Balfour-Lynn in 2005, who then went on to take over the De Vere hotel group. Initial was then renamed as De Vere Venues.
Last year, the De Vere Group announced that it was establishing a golf course division and merging the operation of its hotels and Village Urban Resorts brands, under chief executive Robert Cook.
Coppel was appointed by the Lloyd Banking Goup following a £650m debt-for-equity swap, three years ago. Balfour-Lynn left the group last year.
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