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Capital and Counties acquires 50 per cent of Earls Court
After months of speculation, the owners of the Earls Court concert and exhibition venue in London have entered into a deal to secure the future of the complex.
Capital & Counties, a subsidiary of property firm Liberty International, has entered into a joint venture agreement with EC&O Venues – better known as the Earls Court and Olympia Group – that values the business at around £380m.
Anthony Lyons, chief executive officer of EC&O, said: “We came to this business with a plan to increase shareholder value and the equity and reputation of the brand. We are delighted to have created this relationship with Capital & Counties, which will enable EC&O to build on its position as the owner and operator of some of London’s leading venues.”
Capital & Counties’ managing director, Ian Hawksworth, added: “We are looking forward to participating in the future of EC&O and to enhancing its reputation, while exploring opportunities to intensify use.”
Several companies had reportedly expressed an interest in acquiring the famous venue, including Chelsea FC’s owner Roman Abramovich.
Liberty International owns Capital Shopping Centres, which in turn owns Lakeside in Thurrock and the Arndale Centre in Manchester.
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