Tokyo nightclub is up for sale for a figure believed to be around £1.2 million; that’s £750,000 more than its current owners paid for the club in 2010.
Aaron Mellor, Managing Director and CEO at Tokyo Industries, opened his 24th UK venue this year; with his business already operating the award-winning Digital nightclubs and the Tokyo Mansion party venues.
However, Tokyo York became immersed in a pricing turf war with live music venue Fibbers – a club owned by Mellor’s Tokyo Industries – and Luminar Group’s Salvation and Kuda.
The club has continued to struggle despite offering 80p drinks and 1p entry fees and have ultimately been placed on the market.
Mellor’s Tokyo Group saw turnover fall 5.2% to £6.6m in 2011 but the company has since said it is “pleased” with recent financial results attributed to their rise in pre-tax profit. Despite national success, York’s Tokyo has suffered financially and could soon change hands.
At the time of print Tokyo were unavailable to comment.
Cheap drinks don’t bring people back week in, week out. Good music does.