Agilo buys Candu Entertainment

Agilo, the "distressed situations"​ fund that recently acquired five Sports Cafe sites out of administration, has completed its second transaction in the leisure sector by completing the deal to buy nightclub company CanDu Entertainment.

Jason Granite, founding partner of Agilo, said: "I can confirm we have acquired the business and assets of Candu. ​

"This transaction has allowed the business to shed its unprofitable venues and created a highly profitable leisure group.

"We remain very excited about other opportunities in the sector.

"The main board will consist of Tim Roberts, James Spragg and Martin Brayshaw. They have a wealth of experience and we are providing significant funds for the team to help grow the business."

CanDu Entertainment, led by Tim Roberts, was formed when Close Brothers Private Equity backed a £27.2m management buyout out of Luminar's enterprise division.

At the time of the buyout, the division owned 49 late-night venues (29 clubs and 20 high-street bars) and generated a £3m operating profit from £45.6m of sales.

Candu has since sold seven nightclubs to Summit, the company owned by Jeremy Gordeno, the former Soho Clubs and Bars chief executive.

It has also closed two sites, one in Huddersfield and one in King's Lynn, since the start of the year.