G-A-Y bars partner to sell shares

By Divya Guha • July 16, 2007 - 12:25

The G-A-Y bars are popular venues among young gay and lesbians in London.

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Mean Fiddler, the company which co-owns G-A-Y Bar and G-A-Y Late, is considering a provisional offer from MAMA group to sell these night spots.

Mean Fiddler's Managing Director Melvin Benn has said that he sees this as good for business.

"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," he said.

The G-A-Y bars are popular venues among young gay and lesbians in London.

G-A-Y is co-owned by promoter Jeremy Joseph and the Mean Fiddler Group, a subsidiary of the American advertising and media giant Clear Channel.

Mr Joseph, who owns the the G-A-Y brand, also runs the popular club at Astoria that has played host to Kylie Minogue, Madonna, Christina Aguilera, the Spice Girls, Girls Aloud, Sugar Babes together with X-factor winner Shane Ward.

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.

The Mean Fiddler portfolio includes the iconic Old Mean Fiddler Venue in Harlesden, The Jazz Café, The Garage (currently closed for refurbishment) and The Borderline.

Mean Fiddler will not sell its promotional rights for music festivals like Carling Weekend in Reading and Leeds.

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