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Po Na Na owner goes into receivership

05 July 2006

The owner of the Po Na Na and Fez Club concepts is being restructured by way of receivership and a part-management buy-out.

Barvest is being put into receivership and a new company, Barclub Trading, is buying the 18 bars and clubs from Barvest for a maximum of £8.25m.

This will satisfy the "significant majority" of secured debt against Barvest, said private equity backers Avanti Capital.

Barclub will be owned 60% by Avanti and 40% by the new management team. Avanti has taken over lending bank Barclay's position as first charge holder for £2.5m as part of Barclub's £8.25m investment.

The move is having some impact on the day-to-day operations at the venues. The Fez Club in Cheltenham, for example, has closed and is scheduled to reopen in the autumn. The staff has been told they are no longer required.

By Andrew Sangster

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