De Vere Venues looking for a buyer

Hotel group De Vere Venues has confirmed it is looking for a buyer for its conference business after a number of “unsolicited approaches from interested parties”.
 
The group has 30 venues and 3,000 bedrooms accommodating circa 700,000 conference and meeting delegates per annum.
 
A statement from the group says: “In line with our strategy, the group has concluded that it should seek to realise the enhanced value of its De Vere Venues division through a sale.
 
“The group is not under any pressure to undertake a disposal and will only conclude a transaction which is in the best interests of all stakeholders.”
 
De Vere Venues has mandated Lazard, the investment bank, to conduct a sale process.
 
De Vere Venues has a predominantly corporate customer base. Eighty per cent of its revenues are B2B, of which 84 per cent is from repeat business. It has seen £112m of investment over the last seven years and has a property portfolio recently valued at over £280m.
 
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