Thu, 11 Mar 2010 | ADMINISTRATION
A portfolio of ten bars, formerly owned by 3D Entertainment, has been placed on the market.
Colliers CRE has been mandated to sell the leasehold properties by the administrators of 3D Entertainment Limited and 3D Entertainment Group (CRC) Limited.
The portfolio is comprised of eight Chicago Rock Cafes, which are located in Banbury, Chichester, Colchester and Epsom, among other locations. Archaos, a large nightclub in Glasgow and another nightclub Kestral Xs, situated in Cumbernauld are included in the portfolio.
On its website Colliers said it "will dispose of the ten remaining sites which are situated on the main licensed circuits and are fitted out ready for immediate occupation."
3DE, which is 49% owned by another nightclub operator Luminar, went into administration two weeks ago. 3DE was spun out of Luminar in 2007.
It is thought the nightclub operator was hit by rising unemployment amongst its young customer base.
A total of 31 out of 50 venues have been sold on to US private equity firm Sun Capital Partners in a deal worth £10m, securing 730 jobs.
The break up of 3DE follows unsuccessful attempts to merge with other companies including Premium Bars & Restaurants and Regent Inns.
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