Chorion on track for split as profits jump 91%

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The Independent Online

Chorion, the nightclubs and intellectual property group, yesterday said it was on track to split itself into two separate businesses as early as next year.

Chorion, the nightclubs and intellectual property group, yesterday said it was on track to split itself into two separate businesses as early as next year.

Unveiling half-year, pre-tax profits up 91 per cent at £2.77m, Nick Tamblyn, managing director, said: "When the time is right, we will [demerge]. There is no reason for the two businesses to be together." He said the most straightforward way to do this would be to seek a separate listing for each group, offering a share in both companies for every Chorion share.

The company's intellectual property portfolio owns the rights to works by Enid Blyton and Agatha Christie. Mr Tamblyn said the "key factor" in the jump in Chorion's profits had been the group's exit from its lossmaking Trocadero retail and leisure site earlier this year.

The company has expanded the number of its nightclubs in the West End of London - which include Tiger Tiger, Bar Madrid and On Anon - from five outlets to ten in the period, each costing about £3m to build. The nightclubs contributed sales of £9m in the six months to 30 June, up 24 per cent on the previous year.

Chorion shares closed down 2.5p at 40.5p.

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