Wed, 17 Apr 2013 | DIVISION SALE
De Vere Group has hired Lazard to assist in the sale of its De Vere Venues arm, with the aim of bringing down its debts of £1.1 billion.
The venues business operates 30 centres, half of which are freeholds or long leaseholds with a total of 3,000 bedrooms, along with four non-residential venues. Seven properties are run as management contracts, joint ventures and franchises. A further 20 are either in the pipeline or under consideration.
With underlying cash generated of £27 million last year, and £28 million anticipated for this year, analysts have estimated a value for the business of between £280 million and £300 million.
Private equity buyers are expected to be interested in the conference aspect of the business. Most of its sales, about 80 per cent, are attributed to its large corporate clients, which are on long-term sole occupancy contracts and, to a lesser extent, weekend, short stays and weddings-related.
Following a successful disposal of De Vere Venues, a sale process for The Grand in Brighton will commence in early 2014. It will be on the market for £50 million.
De Vere Group is part-owned by Lloyds Banking Group after it took control through a £650 million debt-for-equity swap in 2010.
____________________________________________________________________________
Related articles:
De Vere Group to sell off its conference centres business
De Vere Group to sell hotels
Long-established print management and design company managed by an experienced team who will remain in situ post acquisition.
Established approximately 5 years ago, the company is a highly regarded recruitment agency based in the East of England. The company serves the HGV logistics, construction, mechanical and electrical services (M&E), and criminal justice sectors, offer...
An opportunity exists to purchase the business and assets of a leading temporary recruitment company operating in Northern England and the South Coast of England. The company has an established trading history providing temporary staff to the logisti...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.