Jeremy Joseph, the creator and owner of the G-A-Y brand, has assured customers that reports on sales of shares will not affect the business.
He co-owns G-A-Y bar and G-A-Y Late in London with the Mean Fiddler Group, through a company called Manto Soho.
As reported, an offer has been made by the MAMA group to Mean Fiddler for their shares.
Mr Joseph told PinkNews.co.uk that he has the ‘first refusal’ on the Mean Fiddler shares in his company and also he must approve the purchase of shares by MAMA for the sale to go ahead.
He owns the G-A-Y brand outright.
The G-A-Y club at Astoria has played host to Kylie Minogue, Madonna, Christina Aguilera, the Spice Girls, Girls Aloud, and X-Factor winner Shane Ward.
It is thought that MAMA has come forward with ambitious plans to expand.
Mean Fiddler’s managing director Melvin Benn said about the possible sale to MAMA:
“We consider the offer to be positive and are currently awaiting confirmation of that offer being confirmed before a final decision is to be taken. We anticipate the offer to be formalised in early August.”
The G-A-Y bars and clubs are popular venues among young gay and lesbians in London.
The Astoria is let for £1 million a year until 2008 under terms agreed by the previous owner Compco.
The Astoria’s new owners, Derwent Valley may face problems in redeveloping the venue as the site is being considered as a location for the a new Cross Rail station should the line be approved by Parliament.
In the event that the bill receives Parliamentary approval, the site could be purchased using compulsory purchase orders.