KINGSTON, Jamaica – Famous nightclub, which was operated by Kingston Live Entertainment Limited (KLE) at its location in Portmore, St Catherine, was sold in January of this year. The sale was disclosed in year-end financials published this week.

The company continues to restructure its operations with a view to regaining profitability. The largest shareholder with 23.17 per cent of the company is Josef Bogdanovich, the investor who recently bought the rights to Jamaica’s largest reggae show, Reggae Sumfest, and CEO of Downsound Record.

In second place is Gary Matalon with 16.07 per cent of shareholding. Other top shareholders include the Gleaner Company and Supreme Ventures Ltd.

Attempts to find out from directors who the new owner is and the price at which the Portmore property was sold were unsuccessful.

The entertainment group, which made losses of $64 million for the year ended December 2015 compared to losses of $34 million in 2014 said in its year-end report that it is now going full speed ahead with its restaurant franchise model.

The group operated Famous nightclub and a restaurant under the brand of Tracks and Records in the reporting year. KLE Group also has 100 per cent shareholding in T and R Restaurant Systems Ltd trading as Franjam, which was formed to own, develop, manage and license ‘Tracks & Records’ themed restaurants, as well as manage the future growth, franchising and licensing of other ‘Tracks & Records’ themed restaurants.

The operations of the Famous nightnlub was discontinued prior to its sale and the space leased for events instead of as a nightclub open to the public for the entire week. Substantial progress towards a sale was made before the end of 2015, and the disposal was completed in January 2016, it is noted in the financials.

Full story in tomorrow’s Business Observer.

Avia Collinder