Popular city music venues could be saved after sale offers
Four of Belfast’s best-loved bars and music venues look set to be saved, after entering administration over a year ago.
CDC Leisure and associated company Tarwood, which owned Katy Daly’s, the Limelight, the Spring and Airbrake and Auntie Annies, was placed into administration in June 2010.
Since going on sale on March 28, a number of offers have been received by the administrator, John Hansen of KPMG.
An administrator’s report filed last month at Companies House suggests a sale could soon take place. It states: “Final negotiations at contract stage are |ongoing.
“A further update on the sales process will be included in my next report.”
A 10-year lease has been signed and finalised for the Spring and Airbrake.
The administrator also vacated rented storage properties once leases had ended, cutting business costs.
Mr Hansen has kept the venues trading in order to sell the business as a going concern.
The four pubs and venues went on the market at a fraction of the £13m they were reportedly purchased for in 2007.
The Limelight, Katy Daly’s and the Spring and Airbrake, all part of the same building on the city’s Ormeau Avenue, are on the market for £1.95m.
An office space above the bars, known as Alexander House, has an asking price of £950,000, with Auntie Annies on the Dublin Road valued at £650,000.