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KLE offers more details on Famous nighclub sale

Published:Thursday | May 26, 2016 | 5:04 PM


KLE Group Limited says roughly half of its assets under Famous Nightclub were sold, but negotiations are ongoing for disposal of the rest.

The entertainment company said in a stock market filing that $21 million worth of club assets was sold up to December 2015 and an additional $4.26 million up to March 2016.

The balance at the end of March was $30.786 million. KLE says discussions with various parties are ongoing but “nothing has been concluded”.

KLE also advised that the deal for the sale of 51 per cent of franchising business T&R Restaurant Systems Limited, which trades as Franjam, for US$650,000 to Joseph Bogdanovich was concluded on March 28.

The sale of Famous Nightclub was completed in January. At the time the price was undisclosed, but the company held $35 million in net assets for sale on its balance sheet. The name of the buyer was not disclosed.

business@gleanerjm.com