Live venue operator Mint Group has announced the termination of the company’s agreement to manage London’s Koko.
Notice of termination of the transitional services arrangement under which the venue was managed was served by Mint on January 21, 2016, with a termination date of May 21, 2016. Mint has operated Koko since its launch in 2004.
The company also owned the venue until it was demerged in November 2012. Koko’s management will in future report to Mint and Koko founder, Oliver Bengough, who has a 50% personal interest in the venue. The remaining shares are held by outside investors.
“I'm very proud of the management team we have assembled which has been the bedrock of our success”, said Bengough. “2016 is looking to be an even better year for Koko. We continue to move forward and to work with the finest artistes and musicians in the business.”
Upcoming concerts at Koko include Nelly, Izzy Bizu and Tegan and Sara. The venue’s turnover in the years ended March 31, 2015 and March 31, 2016 was up 5.4% and 2.4% respectively, against 2014. Site EBITDA (before management charges and non-recurring expenditure) for the years 2015 and 2016 increased by 2.3% and 7.2% respectively.
Mint will continue to operate its bar, restaurant, live venue/nightclub businesses, with plans to expand its interests in these sectors, in particular its newest Latin American-Japanese fusion restaurant brand, Mommi, in Clapham, south-west London. The company is looking forward to growing its business both organically and by acquisition when suitable opportunities arise.