De Vere puts Venues arm up for sale

De Vere Venues caters for as many as 700,000 conference delegates a year, including at Cheadle House near Manchester Airport, Heythrop Park in Oxfordshire and at the Kassam and Ricoh Arena football stadiums.

De Vere Group said its decision to appoint investment bank Lazard to advise it on a possible sale of the 30-location business followed a number of unsolicited approaches from interested parties.

The Times newspaper said analysts valued the business at between £280m and £300m.

The operation was previously known as Initial Style Conferences until it was sold for £325m in 2005 to an investor group and then merged with the De Vere hotel and leisure empire.

De Vere is part-owned by Lloyds Banking Group following a debt-for-equity swap three years ago.

The Venues business is expected to deliver £28m in underlying earnings this year, with its prospects underpinned by long-term relationships with blue-chip customers.

It added: “The group is not under any pressure to undertake a disposal and will only conclude a transaction which is in the best interests of all stakeholders.”

Weetwood Hall in Leeds features on the De Vere Venues website.

A spokesman for the group told the Yorkshire Post: “Weetwood Hall is a not a venue but a preferred partner and therefore not in the process.”

A spokeswoman for Weetwood Hall said the building is owned by Leeds University.