Cavendish

Cavendish advises on £33.5 million MBO of UK's nationwide live music and club venue owner & operator

Cavendish Corporate Finance Ltd, has advised on the £33.5m management buy out of McKenzie Group, the UK's leading owner and operator of nationwide live music and club venues. Cavendish advised on the sale of the business for the shareholders: brewer Charles Wells Ltd, non-executive chairman and founder of Break for the Border Ian Howard, and the UK's leading concert promoters, Metropolis Music Ltd, SJM Concerts and Eire's MCD Productions.

Cavendish specialises in selling businesses and both originated and led the transaction, including the creation of the MBO structure. Debt for the transaction was provided by Lloyds TSB Corporate.

Commenting on the transaction Cavendish director and leisure sector specialist, [Jonathan Buxton] said: ''Having previously advised on the sale of the Brannigans live music venues business we were able to swiftly identify the issues that would make this business work as an MBO and enable the shareholders to obtain the best exit price whilst balancing the need of incumbent management and the re-investing shareholders.''

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