Turnaround investor RCapital, the owner of Little Chef, has acquired 28 bars and nightclubs through a company voluntary agreement.
Turnaround investor RCapital, the owner of roadside restaurant chain Little Chef, has acquired 28 bars and nightclubs from 3D Entertainment Group through a company voluntary agreement (CVA).
The venues are managed by Scottish nightclub operator Helena Leisure, which also runs clubs in England.
RCapital’s owner Jamie Constable says that CVAs, which demand the consent of 75 per cent of unsecured creditors by value, can be used as a ‘more transparent’ alternative to pre-packaged administrations, or pre-packs.
Adds Constable, ‘[The CVA] has been supported by the creditors and will deliver a significantly better outcome for all than through an administration or liquidation.’
Some 28 bars and nightclubs have been saved through the deal, along with 340 jobs. Financial details of the transaction are undisclosed.
LSE-listed Luminar Group is a major shareholder in 3D Entertainment, which sold the venues to RCapital.