BIRMINGHAM, UK (CelebrityAccess) — Lloyds Development Capital has announced that it has acquired The National Exhibition Centre Group in a deal worth about £307 million. The transaction will deliver the NEC into private hands for the first time.
The NEC Group comprises the UK’s leading live Exhibition, Arena and Conference venues; the National Exhibition Centre itself, the Genting Arena, the Barclaycard Arena (formerly the National Indoor Arena) and the International Convention Centre, as well as the NEC’s other commercial activities including The Ticket Factory, specialist catering business, Amadeus and the NEC’s third party venue management operations.
As part of the transaction, LDC will also acquire Birmingham City Council’s interest in Genting Resorts World at the NEC site; a new £200 million integrated leisure and entertainment complex, comprising four and five star hotel and spa, retail offering, a range of internationally-themed restaurants and bars, 11-screen cinema with state-of-the-art digital technology, and one of only three ‘Large-Casinos’ in the UK offering a contemporary and exciting gaming experience.
At present, the LDC will retain NEC's current management team, led by Chief Executive Paul Thandi.
LDC, the private equity unit of Lloyds Banking Group, also holds the MAMA Group in its portfolio, which includes venues such as The Forum, The Garage, The Jazz Cafe, The Borderline and The Barfly in London as well as festivals such as The Great Escape, Lovebox, Godskitchen, Globalgathering and Wilderness. – Staff Writers