3D moves sites to tenancy to reduce losses
Chicago Rock Cafe operator 3D Entertainment is to try to find tenants for its loss-making sites to reduce losses.
The company has instructed Fleurets to market licensed nightclubs to let for as little as £1,000-£4,000 per week. The premises are located nationwide and are available singularly or as in groups and are being offered on a Tenancy at Will.
New 3D appointee Peter Collins is to oversee this new "tenanted division" involving nine sites. Fleurets director Richard Negus said: "This is an ideal opportunity for a nightclub, leisure, bar or restaurant operator to occupy some prime licensed outlets for no purchase cost and with out any long term financial commitment."
After a year's successful occupancy, the licensee has the opportunity to apply for a secure lease / under lease for nil premium other than legal costs involved.
Referring to the move, chief executive David Crabtree told staff in an internal memo: "I have decided that we will be moving a number of venues to tenancy. For these businesses the plan is to find a suitable tenant that can take on the full or part rents and rates to help stem the loss currently incurred to 3DE.
"For the time being until tenants are found these businesses still remain trading."
Venues switched to the tenanted division are: Chicago Rock, Colchester, Chicago Rock, Swansea, Envy, Gloucester, Jumpin Jaks, Cardiff, Jumpin Jaks, Nottingham, Love2Love, Sutton, Mortimer's, Burnley, and Orange House, Reading. 3D Entertainment is believed to have around seven closed venues, including Chicago Rock Cafe in Bolton, Chicester and Grimbsby and Jumpin Jaks in Bradford and Dunstable. 3D was formed in January 2007, following their purchase of 98 businesses from Luminar Leisure.
