Longshot, founded in 1994 by Ollie Vigors and Joel Cadbury, sold its assests in June 2007, which included the 24-hour restaurant Vingt-Quatre, the Groucho Club and health club The Third Space, for around £50m.
Longshot is targeting leisure companies with an equity value of around £10m, high quality companies with underlying asset value or distressed aset opportunities.
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Monday, November 16, 2009
'Lloyds takes £600m hit on Admiral pubs'
Lloyds Banking Group has been forced to swallow a £600m debt-for-equity swap at Admiral Taverns, the pubs group, in the latest fallout from the banking group’s ill-fated merger last year with rival HBOS
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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Hotels squirm as debt pressure mounts
A big hotel near Hartsfield-Jackson Atlanta International Airport may be about to change hands — a harbinger for the industry as more and more hotel owners find themselves deep in debt and unable to avoid drastic financial negotiations.
The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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The 387-room Atlanta Renaissance Concourse may soon belong to Massachusetts Mutual Life Insurance Co. after owner Sunstone Hotel Investors Inc. (NYSE: SHO) notified investors Nov. 4 it had not made a $5 million payment to Mass Mutual and had defaulted on a $246.3 million loan that is secured by the Renaissance and 10 other hotels.
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Whitbread's budget may stretch to Premier Inn and Travelodge merger
Whitbread, the leisure group, is in talks to create the dominant force in the British budget hotel market by merging its Premier Inn chain with the rival hotel company Travelodge.
It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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It is understood that talks between the two are at an early stage, although both sides are believed to agree on the merits of a deal. “The commercial logic is compelling,” a source said.
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