Urbium clinches Bar Med bargain

by The PMA Team Troubled SFI Group has sold two prime Bar Med sites in the City of London to Tiger Tiger operator Urbium for a "knockdown" price of about £50,000. SFI Group was not prepared to sell the two sites separately a year ago when the entire chain was on the market. But now Urbium is understood to have picked up the sites without paying anything for the goodwill. The sale of two of the best Bar Med sites for a bargain-basement price raises doubts about whether the Bar Med chain is worth the £10m best offer received for the chain last year. SFI has hoped the chain was worth as much as £30m when it was put on the market 14 months ago. Urbium has been tracking the sites since its offer for them last year was rejected. It is believed the two Bar Meds were taking in excess of £40,000 a week in their heyday, but are currently taking half that figure. Urbium chairman John Conlon said: "There was a time when they were extremely successful, but the business has drifted away through lack of reinvestment." The two Bar Meds, located at Mincing Lane and Finsbury Square, are licensed to 2am and have capacities of 620 and 400 respectively. Urbium will redevelop the sites in a "more contemporary trading format". Urbium managing director Robert Cohen added: "The acquisition for development of these two, well-located, late-licensed properties is an important step towards Urbium's previously-announced objective of securing a significant share of the large and affluent City of London market. "We expect the redeveloped SFI sites to be open by May 2004, bringing the total City estate to four.