LONDON (Brand Republic) – The founding partners of the Jongleurs comedy club chain have sold their 51% chunk to fellow stakeholders Regent Inns for £7m.
Husband and wife team Maria Kempinska and John Davy have given up control of the eight Jongleurs comedy clubs and two Bar Risa outlets to the pub chain.
Regent Inns gains exclusive licence to use the Jongleurs brand and plans to open 15 bars and clubs in the UK over the next two years.
Kempinska and Davy hoped to raise £30m from the sale, but they keep the intellectual property rights to the brand, including internet and broadcasting rights.
The couple will form a new company which will book and monitor comedy acts and provide box office and marketing support services, as well as online activity. Regent has a 5% stake.
Regent became involved with Jongleurs in 1997. Since then, the clubs have expanded to eight sites from the two originally established clubs in Battersea and Camden in 1983. There are four other London clubs and venues in Nottingham, Leicester, Southampton and Oxford.
Last year Jongleurs posted operating profit of £1.2m and profit before tax of £700,000 and net assets of £500,000. Regent Inns’ share price closed yesterday at £1.28, down 1.5p.