The Mean Fiddler Group has acquired Finlaw 279, a British nightclub chain, for £2 million sterling (€3.26 million).
The deal will be funded through the issue of a loan note for £2 million convertible into ordinary shares at 50 pence per share and will be subject to shareholder approval.
The British-based music promotions group, which is owned by Mr Vince Power from Co Waterford, will also assume responsibility for Finlaw's existing bank debt of £2.44 million.
Finlaw owns three dance nightclubs: Media in Nottingham, Tunnel in Glasgow and Universe in Coatbridge near Glasgow. The three venues generated an operating profit before tax of just more than £1 million sterling for the year ended March 31st, 2001.
The acquisition will allow the company to expand in the UK dance music market and will give it a year-round presence in the dance market, the Mean Fiddler said.
"The regional coverage provided by the venues also improves the company's bargaining power with artists by allowing the company to offer artists multiple dates," it said.
Mr Harry Lambert of Finlaw will join the board of The Mean Fiddler as a non-executive director. He will be responsible for overseeing the development of Mean Fiddler's international plans in general and accessing the Asian market in particular.
