Urbium cuts losses in ‘price-led' Birmingham nightclub market
Late-night bar, club and restaurant operator Urbium has sold two major Birmingham sites, leaving the operator with just one venue in England's second city.
The company has disposed of Apt and Polaris - a former Tiger Tiger site - on Broad Street, and 52 Degrees North on Hurst Street. The company's only remaining Birmingham site is the Digress bar on New Hall Street.
Chairman John Colan said: "The disposal of these loss-making venues allows management to concentrate on the development of its core businesses, the Tiger Tiger brand and its operations in the West End and City of London."
Despite the success of the Tiger Tiger brand elsewhere, a spokesman for Urbium said it had failed to break the Birmingham market, which was "very discount- and price-led".
Urbium recorded a £3m write-down on its Birmingham assets in its 2002-03 results. The group operates 28 late-licensed bar-nightclubs positioned at the premium end of the market targeting 25- to 40-year-olds.
As well as running eight Tiger Tiger-branded operations, the group has 16 outlets in the West End of London, including On Anon, the Loop, Sugar Reef and Zoo Bar.