TRURO’S L2 SOLD
Truro’s largest nightclub has been sold amid fears it would close after it was taken over by administrators five months ago. The L2 club has been managed by the accountants Grant Thornton UK after its former managing director Tim Vigus relinquished control in December. Now about 50 workers have been told that the business and name L2 was bought by Elm Tree Leisure Ltd.
The new owners are father and son Peter and Jason Masters, who bought the club for a “fair price” following a bidding process involving nine individuals. “The club was valued at £1.6m in 2008,” said Mr Masters. “Ours was not the highest bid but we had the funds to seal the deal.” Peter, who has run the family’s Truro Caravan and Camping Park in Greenbottom for five years, will now take over the day-to-day running of the club. Tradesmen have already started work on its £150,000 refurbishment, replacing toilets, painting the exterior and renewing the club’s lights and sound system.
“The club has suffered in the last 18 months and needs updating,” said Jason, who believed the market was strong enough to support a 1,000-capacity nightclub.” Peter, who worked as a DJ while studying in London, added: “Despite the recession and the fact that the club has been under administration it has remained profitable. We believe there is a need for a venue catering for the younger age range and we hope to build on its good name and focus on specialist DJ dance nights.”
In 2008 the business reported a turnover of £1,094,193 with a profit of £98,028. For a nine-month period to June last year the turnover was £793,393 with a profit of £74,000. Peter said the club’s staff had remained loyal and retained its goodwill within the city. He also said that nobody has been made redundant and he was now looking for new staff to help run the bar.
“This is a tremendous opportunity. The club is in a good location and well equipped to compete with the new clubs; Vertigo, The Office and Vanilla which have all opened in the last 12 months or so – but none of them can cater for the younger market and they do not have the capacity that we have,” said Peter. The club will concentrate on the Friday and Saturday night trade as well as staging a student night on Mondays.
Speculation surrounds the rest of the L2 Ltd businesses, including Bunters Bar and five retail units in Truro and the Corn Exchange in Camborne.
Source: SouthWestBusiness.co.uk
