Agilo, the London-based fund that invests in distressed companies, was looking to sell six of the freeholds it acquired out of Candu Entertainment for about £6.4m on Monday.
A new group has been created by Agilo called Yellowhammer Bars to operate Can-
du Entertainment and the Sports Cafe business it also acquired earlier this year.
Yellowhammer is led jointly by James Spragg, the former commercial director of Novus Leisure, who was recruited by Agilo to run Sports Cafe, and Tim Roberts, the former chief executive of Candu.
The executive team also includes Martin Brayshaw, a turnaround specialist, who has assumed the position of finance director.
An Allsop Commercial auction on Monday featured six freehold nightclubs tenanted by Company Time. This company was incorporated at the start of 2008 but changed its name to Yellowhammer bars in May.
Agilo was founded by Jason Granite, a debt specialist previously with Deutsche Bank's Distressed Products Group, and Milos Brajovic, who previously co-founded hedge fund Asteri Capital.
Agilo sold its Newark nightclub for £1.1m, while Envy in Street, Somerset, Preach in Gillingham, Kent, and Octagon, in Bangor, Wales, failed to meet reserve prices. Mansion and Shout in Castleford, West Yorkshire, and Glitterball in South Shields, Tyne and Wear, were withdrawn prior to the auction.