Scottish entrepreneur Donald MacLeod has put two of his Glasgow nightclubs on the market for a combined value of just more than £2.6 million.
The freehold of The Tunnel (£2,250,000) and the leasehold for Cube (£399,000) were put up for sale through Creevy LLH Chartered Surveyors on January 22nd.
A company statement said both clubs have been extremely successful for MacLeod’s CPL Entertainment Group, but he’s made a decision to concentrate on expanding his other two Glasgow units – The Garage and The Cathouse – and is "rationalising" the group by putting Cube and The Tunnel on the market.
"I have accomplished what I set out to do with both Cube and The Tunnel and feel it’s time to move on. What we as a company do best is cater to the rock and student market so we will be concentrating on expanding both The Garage and The Cathouse in the near future," MacLeod explained.
Cube, on Glasgow’s Queen St., first opened its doors to the public in June 2001 and proved to be a huge hit with Glasgow clubbers and such famous faces as Eminem, Will Young, Maroon 5 and numerous footballers. It remains hugely popular with lovers of hip-hop, house and R&B.
CPL took over The Tunnel, on Mitchell St., in September 2002 and quickly turned the flagging club’s fortunes around. It is still one of Glasgow’s most popular nightspots catering to fans of R&B and house.
Alan Creevy of Creevy LLH said he has no doubt there will be considerable interest in both units from Scottish and U.K. operators who are keen to capitalise on their excellent locations and enviable reputations.
He pointed out that both are achieving very high levels of sales and profitability.
Both businesses will be sold as going concerns protecting the staff position as the part of any sale.