LifeBrandz takes over hot nightspots Mink and Royal Room in new deal
Nightlife group LifeBrandz will be taking over the operations of popular nightspots Mink and Royal Room at Pan Pacific Singapore, in a new deal that sees lifestyle management agency Massive Collective becoming a major shareholder in the public-listed LifeBrandz.
The deal, announced today, could be a boon for LifeBrandz, a company that has been in the red and has seen a number of its venues, including Zirca and Yello Jello, close in the past two years.
For the financial year ending 2012, the group posted a loss of $4.4 million.
In a press release, LifeBrandz said it had entered a business collaboration with Massive, giving the latter a 14.05 per cent stake in the group valued at $3.48 million.