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Legendary café and music club The Troubadour saved from closure PDF Print E-mail
Monday, 17 August 2015

The Troubadour, the famous West London café and live music venue, has been acquired by new owner Giles McNamee after the company went into Administration on 30 July, following a period of sustained financial losses and recent creditor pressure.

Host to some of the world’s best loved musicians since it opened in 1954, including Bob Dylan, Jimi Hendrix, the Rolling Stones, Elvis Costello and more recently Laura Marling, Ed Sheeran and Adele, The Troubadour, like many live music venues in the UK, faced commercial challenges in recent years and was affected by noise abatement restrictions.
 
The Administrators are Steve Parker and Trevor Binyon of Opus Restructuring, the insolvency and turnaround specialists.  They have been trading the business since their appointment while a deal was agreed to rescue the business.
 
The new owner is an existing shareholder in the business. He is strongly committed to the future of The Troubadour as a live music venue and café and will invest much-needed new funds to support it going forward. McNamee, who is based in Boston, has extensive music industry experience and interests.
 
Previous owner, Susie Thornhill, who took on the venue in 1998 with her husband Simon Thornhill, will continue to be active in the day-to-day management and there are no anticipated job losses among the staff.
 
Opus had been advising the Thornhills in the run up to the Administration, helping them deal with creditor and supplier pressure, and have been instrumental in putting together a deal that guarantees the future of the venue.
 
Steve Parker, Partner at Opus Restructuring, commented:
 
“We are delighted to have helped secure the future of The Troubadour as one of London’s most historic live music scenes.
 
“Our goal was to find an owner who has the financial strength to invest in the future of the venue and who could also understand its significance as one of London’s most iconic venues.  We are also delighted that there have been no job losses and that The Troubadour was able to remain open during this short period of uncertainty.”
 
The new owner, Giles McNamee, said:
 
“Nothing makes me happier than deepening my existing, long-term commitment to The Troubadour. Simon and Susie have done a wonderful job under exceptionally challenging circumstances at keeping The Troubadour open, authentic, and full of the spirit in which it was founded over 60 years ago. As anyone who has crossed the threshold of The Troubadour knows, the venue is rich in energy and inspiration and I’m thrilled to play a larger role now in its continuation and future health.”
 
Susie Thornhill, one of the previous owners, added:
 
“We know that The Troubadour is in good hands with Giles and we’re excited that the spirits that inhabit the iconic venue will live on into the future.  Our faithful patrons and many of the emerging artists of today and of the years to come will benefit from our close work with these new owners to provide an authentic and exciting experience at The Troubadour. We would like to thank our wonderful customers for their support during this difficult period. We look forward to seeing them again soon.”

(Source - Opus Restructuring Press Release)
 

 

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