The Caterer
Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Electra in talks to buy Urbium

18 August 2005

Private equity group Electra Partners is in exclusive talks to buy nightclub and bar operator Urbium. A source close to the deal said Electra and the Tiger Tiger operator were discussing a deal that valued the company at about £114m (£10.75 per share).

Urbium has confirmed it is in exclusive due diligence discussions with one potential buyer, but has refused to name it. Speculation over the weekend boosted Urbium's share value by 11% by close of play on Monday (15 August).

John Conlan, chairman of the 29-strong chain, said: "We have one party that we are talking to, but the process will take between three and four weeks."

The bidding process for Urbium began last month after pub and bar group Regent Inns tabled a bid of 975p per share.

Regent's offer was rejected but Urbium asked adviser Numis Securities to evaluate other offers, including a proposal from private equity group Alchemy Partners.

Electra previously owned the Tom Cobleigh pub group and failed in a bid to buy Barracuda in June.

Electra declined to comment.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking