Chicago Rock Café-owner Luminar has agreed to sell off 49 nightclubs for £27.2m to its management team.
Luminar's Candu Entertainment division is led by managing director Tim Roberts and finance director Craig Grant who are heading the buyout which is backed by Close Brothers Private Equity.
In the year to 28 February, the nightclubs generated turnover of £45.6m and operating profit of £3m. But they are not seen as part of the operator's core nightclub business, which includes Oceana, Liquid and Lava & Ignite.
Candu formed part of the company's Enterprise division, which originally had 63 units. Luminar has already sold of 12 of these for £12.2m and has plans to sell the final two properties separately.
It is also currently conducting a review of its Chicago Rock Café and Jumpin' Jaks bars, with a possible sale in mind.
Buy this week's Caterer magazine for more industry news and analysis