Failing regional nightclubs across the UK are set for a revival after a private equity fund is to invest £5m a month in refurbishing and rebranding venues.
EMCO Capital Advisers, a Cayman Island-registered property fund, has plans to either revive venues, or secure planning permission to redevelop the properties as flats, shops or offices before selling them on.
Emyr Hughes, the 25-year-old co-founder of the fund, said the secret to getting customers back into clubs is to “provide something people are prepared to pay for, like getting one of The X Factor contestants to come and do a live act.
“Clubbing is about escapism and people are being a lot savvier these days about how they spend their money to escape from normal life,” said Hughes.
Newquay, Penzance and Northampton are target acquisitions but the fund will avoid investing in, or around, London due to high property values and a complicated planning system.
Source: Financial Times