MWB GROUP HOLDINGS PLC. 
By 16May 2012
MWB GROUP HOLDINGS PLC
Sale of Bistro du Vin restaurants
MWB Group Holdings Plc ("MWB")
MWB Group Holdings Plc, the hotels to serviced offices business, today announces that it has decided not to continue with the Bistro du Vin format restaurants that were opened last year. The rights under each operating lease and the associated furniture, fixtures and equipment for the two Bistro du Vin restaurants in Soho and Clerkenwell have been sold to Burger and Lobster Soho Limited and Burger and Lobster Smithfield Limited respectively for a total aggregate consideration of £1.2 million.
The consideration shall be in cash and payable in full upon completion which is expected to be 31 May 2012. It is anticipated that the disposal proceeds shall be used to support MWB's general working capital requirements.
In the eighteen month period to June 2011, the two Bistro du Vin restaurants generated a loss of approximately £330,000. As at 30 June 2011, the gross asset value relating to the Bistro du Vin business was £2.7 million.
The disposal of the Bistro du Vin restaurants will ensure that the management team is able to focus its full attention on maximising occupancies and revenues at Malmaison, Hotel du Vin and Business Exchange.
Ends
Contacts
MWB Group Holdings Plc:0207 706 2121
Eric Sanderson, Chairman
Hudson Sandler:0207 796 4133
Michael Sandler/Charlie Jack
This information is provided by RNS
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