By Andy Young
Expressions of interest in purchasing the Keystone Group, or its individual venues, have now closed.
Receiver Ferrier Hodgson revealed it has indicative bids from more than 80 parties ranging from individual groups through to private equity firms.
Ferrier Hodgson's Morgan Kelly said: "More than 80 interested parties were provided access to the data room to conduct due diligence.
“We are very pleased with the level of interest that has been shown in the venues, which is testament to the operating strength of the individual businesses.
“The Receivers are now reviewing indicative offers and entering into negotiations with a range of parties that represent credible candidates to acquire some or all of the Keystone Group.
“Through this process all of the venues are continuing to trade strongly as we head into the busier time of year for hospitality venues."
Kelly added: “Due to the level of interest in the data room we have extended the expected sale completion timeline. Subject to negotiations we expect to provide a further sale update in the coming weeks."
Keystone was placed in receivership in June by a syndicate of lenders due to an inability to reach agreement with the Board on key aspects of the Keystone Group’s financial structure.