A millionaire entrepreneur has set his sights on Cornish venues to help pick Britain's dance club business off the floor.
EMCO Capital Advisers have launched an Alternative Property Fund. From this week the Cayman Island-registered property fund has begun to shortlist scores of ailing nightclubs, late-licence bars and beleaguered dance halls across the country. The fund, set up by young entrepreneur Emyr Hughes and his business partner Danny Brown, will then try to revive the venues through rebranding and refurbishment, or secure Planning Permission to redevelop the properties as flats, shops or offices before selling them on.
EMCO, which is hoping to invest around £5million a month on purchasing venues, is talking to us about several nightclub businesses in Cornwall including premises in Newquay and Penzance.
A spokesman for Emyr Hughes said "EMCO have looked at around 3 dozen sites in the UK including a particular focus on Cornwall". This is most probably down to Mr Hughes' familiarity with the County, as he had been involved with managing nightclub venues in Cornwall in the past.
He added "The fund will avoid investing in or around London where high property values and a tough Planning system make it hard for "turn-round investors" to profit".
Head of our Business Transfer department, Graham Timmins commented "investment in the County in this sector has got to be good news. In the right hands and with the right publicity, for example social media, the fortunes of a nightclub can be turned around in a relatively short space of time. As a backstop the premises and land offer quite a high potential for alternative use and a good investment for operator/owners".
Contact Graham Timmins for further information on 01872 247019