Inventive looks to add 12 sites to Cuban brand: New Inventive Bar Company has unveiled its intention to add a dozen sites in two years to its Revoluciòn de Cuba brand, which currently trades from five sites across the UK in Manchester, Sheffield, Norwich, Cardiff and Derby. The expansion follows the success of its ‘Evolution’ programme for the Revolution vodka bar brand, which saw a £10 million investment transformation of its Revolution bars. Inspired by the heyday of Havana and offering customers a Cuban-inspired high street drinking and dining experience, Revoluciòn de Cuba, is on the search for sites in all major towns and cities throughout the UK and Ireland, either freehold or leasehold with an existing license preferred. All types of properties will be considered, however, the business has expressed a preference for character buildings in line with its brand values. Sites from 6,000 square foot to 16,000 square foot plus, split over two levels with a minimum of 3,000 square foot on the ground floor will be considered. Godfrey Russell, director of property at Inventive, said: “From its initial launch in 2011, the Revoluciòn de Cuba brand has enjoyed unprecedented success. The brand offers customers a unique music and entertainment experience with premium rums, cocktails and Latin influenced food served in a relaxed, fun environment, with the delivery of exceptional customer service at its core. Over the last 12 months, the brand has continued to build on this success with the launch of new food and drink menus, an even stronger focus on live music, in-bar entertainment and premium products. We now want to expand the brand further with the acquisition of 12 sites over the next two years.” On Monday, Propel reported that Inventive owner private equity firm Alchemy is eyeing a return of a stock market return for New Inventive. The company has been in private ownership for almost a decade. and Alchemy Partners, which acquired Revolution’s owner The New Inventive Bar Company under its previous name in 2005, is close to appointing Numis Securities, an investment bank, to work on the listing. Inventive, led by Mark McQuater, operates a number of other leisure concepts including Rift & Co under its Nightjar Bars division. There are circa 70 Revolution venues across the UK. Alchemy launched an agreed takeover of Inventive in December 2005, when the company’s shares traded on London’s junior AIM market. Inventive made a post-tax loss of £3.44m in the year to 30 June last year, according to accounts filed at Companies House. In December 2013, the company, which management said had performed “in line with expectations”, undertook a refinancing of its borrowing facilities, including securing a £15.5m bank loan. Inventive is understood to be valued at somewhere in the region of £100m.

Lost Society freehold sold off £1.24m guide price: The freehold of an award-winning south London pub on Wandsworth Road, trading as Lost Society, has been sold by agent Davis Coffer Lyons on behalf of ex-operator and developer David Hall to Hussein Aziz’s Golfrate off a guide of £1.24m. Lost Society was established in 2006 and was one of south London’s most popular late-night venues. Earlier in the year the area was subject to a contentious early morning restriction order (EMRO) review by Lambeth Borough Council, however a decision was made not to impose it. The 2,533 square foot venue traded over ground and first floor with outside beer garden. As part of the deal, DCL negotiated the surrender of the leasehold interest, which was trading as Lost Society, to provide vacant possession for the purchaser. Paul Tallentyre, director of pubs and bars at Davis Coffer Lyons, said: “Licensed premises in Clapham are extremely popular at the moment with both operators and investors looking to snap up the limited opportunities that are available. We originally marketed Lost Society on a leasehold basis. However, due to the interest and subsequent offers for the freehold the owner changed his plans and took advantage of the favourable market conditions.”