Frasers Group acquires Coventry Arena in £17m deal
After its owners fell into administration, Frasers Group acquired the 32,609-capacity Coventry Building Society Arena (CBS).
The retail empire, controlled by Mike Ashley, was chosen as the preferred bidder after making a £17 million bid for the arena’s current operating companies.
The deal has secured 1,000 jobs and a permanent home for Coventry City Football Club next season.
A spokesperson for Frasers Group said: “We are delighted with the acquisition of the CBS Arena which will complement the Group’s existing portfolio of brands and investments.
“Through the acquisition, we are pleased to have been able to secure a long-term future for the Arena, protecting jobs and supporting the local community. In particular, we are looking forward to working with Coventry City Football Club.”
Andrew Sheridan and Raj Mittal at FRP Advisory were appointed as joint administrators of Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited.
Administrator Andrew Sheridan commented: “This is a pleasing outcome, which helps secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.”