Hotel and meeting space provider, De Vere Venues, has taken over the management contract for Westminster-based event space, Altitude London.
The news comes at a time when the venue group has confirmed it is looking for a buyer following a series of what it calls “unsolicited approaches from interested parties”.
Altitude London, which has five events spaces and a total area of 4,000sqm, claims to be the tallest riverside building on the Thames and is positioned between the landmarks of The Houses of Parliament and Tate Britain.
“We’re delighted to announce Altitude London as our latest management contract,” says CEO of De Vere Venues, Tony Dangerfield. “This group of venues further strengthens our venue offering in the capital and underpins our continued growth strategy,” he said.
The owner of Altitude London, Justin Etzin, adds: “We have every confidence that Altitude London’s meeting and events proposition will go from strength to strength with the support of De Vere Venues’ market leading brand.”
Altitude London has hosted events recently such as The Shell Live Wire Awards for the Young Inventor of the Year in Altitude 360, the wrap party for Tom Cruise’s action blockbuster, All You Need is Kill, in Skyloft, The Bradley Wiggins Team Sky Event in The View, The Amex Awards in The River Room and the launch of Richard Branson’s Virgin Galactic and Virgin Pure Water taking place in The Media Centre.
De Vere Venues has a predominantly corporate customer base. Eighty per cent of its revenues are B2B, of which 84 per cent is from repeat business. It has seen £112m of investment over the last seven years and has a property portfolio recently valued at over £280m.
Events management at Altitude has not always run smoothly, with Altitude 360 going into administration with debts of £6m in 2011. Etzin is thought to have been the largest creditor of Broadcasting & Corporate Studios which failed to keep up with rent an franchise payments. A new operating company, Millbank Events, subsequently took over running events.
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