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Forum sold in £1m deal
THE landmark Forum music venue in Kentish Town is to change hands in a deal worth £1 million.
It is the latest nightspot to be shed by the Mean Fiddler entertainment group, now run by US company Live Nation.
The Highgate Road venue is due to be snapped up by MAMA Group, the parent company behind trendy music promoter Barfly, which runs a successful bar and stage in Chalk Farm.
Adam Driscoll, co-chief executive of MAMA, said: “The Forum has a long historical association with live music and we look forward to working with the staff and customers of the Forum to ensure its long-term prosperity.”
Final terms have not been worked out but an initial £1 million agreement has been reached. The sale must be cleared by the Competition Commission, which guards against the formation of market monopolies.
MAMA is also running through the Forum’s accounts and said that revenue in the latest spreadsheets revealed operating profits of £90,000. A company statement said: “MAMA expects the acquisition to be immediately earnings- and-cash-flow enhancing.”
The Forum was a key part of the Mean Fiddler empire built up by music entrepreneur Vince Power.
He recently sold his main shareholding in the company and set up the Vince Power Music Group.
The Mean Fiddler group is also looking for buyers for the Garage nightclub in Highbury, smaller in size but also a notable point on north London’s rock ’n’ roll map.
The Forum recently began hosting the uniform party night School Disco, a world away from Barfly’s reputation for hosting the country’s best and most promising indie bands and its dedication to live music. |
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