Coffer Corporate Leisure advises on sale and leaseback on behalf of Inventive Leisure
September 21, 2007
Coffer Corporate Leisure (CCL) has advised on the sale and leaseback of nine properties trading as Revolution vodka bars.
Acting for Inventive Leisure Limited, CCL sold the portfolio of nine properties to experienced investor Aprirose Limited for between £17 and £19 million with a net initial yield of around 6 %.
Revolution is a well-established name with outlets typically situated in prime high street locations in towns and cities in the Midlands and the North of England. It was recently awarded the title of Retail Concept of the year at The Publican awards in London.
“This sale demonstrates that despite a nervous market there is still a strong demand for opportunities of this kind and debt driven deals can be funded” CCL Managing Director Mark Sheehan said.
A number of bidders offered on the portfolio.
“Inventive is a well regarded business in the sector with an excellent operation. This was attractive to buyers. Inventives senior management team has excellent experience and an outstanding track record in the licensed leisure sector which contributed to the sale.”
Inventive Leisure Ltd operates 50 Revolution bars and is backed by Alchemy Partners.