C Ctwn Inc Essay

1273 words - 5 pages

Davdell Dispute OverviewPreamble:Nick (Davdell) was making a low % profit and sought a group to manage the premises.Red & Blue (Chris & Zam) was known to Nick since 2004, 7 years.Nick was also aware the Red & Blue ran the Fridge Brixton (for well over a year) and had skills in much larger venues).Nick was also aware Michelle had a great in numbers following and hence adding events would be significant our profitability.Nick approached Red & Blue to take out a "Management Agreement" (MG) and not a sub-lease as he knew that would 'technically' be in breach of any possible Network Rail intervention even though every club under Network Rail runs operations under a different company. Nick did exactly the same thing when he was running the venue in all of the past times.In order to make it a Management deal (shared occupancy) he retained a physical presence in the form the ATM, retained keys and un-vetted access to the venue.Businesses Rational:Why did we enter into the deal?As Nick only had 2 to 3 events per week we were confident that we could double that number using our reputation. The club is small but it is run down (all drop fridges broken, Q-Bar removed from VIP bar, electricity crossed, ancient DJ equipment, and air ventilation working in reverse). However we saw potential in that it is located very near to Vauxhall Tube/National Rail station (one of the busiest commuter exchanges) and that in 2012 the USA Embassy will start building a new Embassy within easy walking distance and hence opening up greatly more opportunities for events and hence more profits. (E.g. nightly bars with food or pole dancing events etc.)With this business model in mind, we decided to pay the premium of £25k in cash to Nick as he insisted. The first £10k was in the form of loan which would not be paid back if the deal is not to go back (i.e. the deposit to secure the deal).The second £15k he insisted again to be paid in cash and this was done at the club on the first day on 16/10/2010 and we have receipt signed by his wife Kelly.Background to Dispute:Nick got an offer from Craig (owner of most night clubs in Vauxhall) to buy the venue. Nick tried to force us to but at £300k demanding payment in cash within 48hrs (see text messages transcript). It amounted to harassment. After repeated attempts Nick refused to give IDFC any proof of offer or who or value. Our view is the venue is not worth £300k.Later we learnt that Fire was being shut down by the Police for 6 weeks from 2/11/2011 and he needs a second venue. Later we also learnt that Nick was offering the venue for sale to Union (next door) at only £200k. £200k sounds a much reasonable number.If Nick would have been open and honest with IDFC showing proof and offering a commercially viable sale price we would not be in this position.Craig now has exclusive access to the venue and running events. We believe he is in the process of buying Davdell.So, in our...

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