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Osmond buys Camden Palace from Luminar
Former Pizza Express owner, Hugh Osmond, has bought Camden Palace from Luminar Leisure for £4.02m.
Osmond’s investment vehicle, Sun Capital, acquired the Grade 2-listed building from theme bar operator, Luminar on Monday,
Alex Rutherford and Oliver Bencough – owners of nightclub management company, Mint Group – have joined Osmond in the scheme and the three will operate the venue on a long lease deal.
The Palace, bought by Luton-based Luminar five years ago, will close within the next two months for refurbishment and is expected to re-open in September.
The decision to sell follows Luminar’s restructuring programme, which has seen the company transform 54 of its 160 sites into four concept brands: Oceana, Lava, Liquid and Life.
Luminar claimed Camden Palace no longer fitted its portfolio and chief executive, Stephen Thomas, said: “Our strategy is to either manage our unbranded operations for cash or maximise their value through selling the business and Camden Palace fell into the second category.” Details: www.luminar.co.uk or www.themintgroup.co.uk
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