Gay venue owner given £20 million facelift

Illustrated rainbow pride flag on a white background.

London’s biggest gay nightclub owner is to be given a restructure which will balue it at around £20 million.

Soho Clubs and Bars, which owns many of the West End’s most famous venues such as Bar Soho, Cheers and Candy Bar, is to be given a managerial facelift with 67-year old owner, Geoffrey Rose believed to be keen to wind down his involvement.

The Daily Telegraph reports that a small management team headed by the company’s chief executive Joachim Ritter, will be sold a quarter stake in the company.

Mr Ritter has overturned the fortunes of many of the West End’s lesbian and gay venues over the last year.

The company is reported to have made 3.3m operating profit this year compared to 1.6m in 2005.