Venues Event Management completes buyback

Venues Event Management has completed the buy-back of the business it sold to Real Affinity plc in 2006. The agency, owned by Chris and Anita Lowe, bought the company from administrators on 3 June following a last-minute hitch in Real Affinity Plc’s proposed sale of the company. The company’s sale did not go ahead as planned because of outstanding debts Real Affinity plc owed the events division of the group. This led to Real Affinity plc taking the decision to sell off a different division to fund the transaction but that sale was not completed by the agreed deadline. The announcements follow the proposed sale of the company’s Real Affinity Events division earlier this month to the Lowes – see timeline below. This saw the business valued at £4.7m, but it cost the Lowe’s £2.1m, with the remainder used to absorb debts owed by the parent company to the Real Affinity Events division. Real Affinity plc most recently registered financial accounts are for the six months to 30 September 2007. These saw operating losses of £345,000 against losses in the same period in 2006 of £267,000. The company’s full financial year runs until 31 March and last year saw a loss before tax of £4.12m. A statement from Real Affinity plc executive chairman John Ross as the September 2007 figures were announced in January this year, warned of further financial problems ahead: “The financial performance in the half year ended 30 September was again below our expectations and trading conditions, particularly for winning new business, remain very challenging.” No one from Real Affinity plc was available to comment as the time of going to press. The story so far… June 2006 Venues Unlimited acquired by Real Affinity plc June 2006 Company renamed Real Affinity Events April 2008 Parent company proposes sale of Real Affinity Events division to directors Anita and Chris Lowe, founders of Venues Unlimited May 2008 Real Affinity plc proposes sale of further part of the company to pay off debts to the Real Affinity events division May 2008 Proposed sale fails to be completed in agreed timeframe; parent company places Real Affinity Events into administration June 2008 The Lowes complete buyback from administrators and name new company Venues Event Management

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