“Going at it alone and borrowing in the current climate left me few options, and the opportunity to buy a good profit making company was going to be let go under because banks are putting such restraints on loans that it’s near impossible for businesses to expand,” he said in a Facebook statement.
“However, as luck would have it, a friend suggested a new bank and after looking at G-A-Y accounts, they gave a yes to lending me personally millions, and I do mean millions, so thanks to Metro Bank, I was given the chance to take the biggest risk of my life and give G-A-Y a new future.”
The Spice Girls, here pictured during their 2007 reunion tour, are among artists who have performed at G-A-Y
“On Tuesday [January 21] I signed my life away. I’ve taken my biggest risk, going it alone, no more business partners, just me,” the statement continues.
“If this goes wrong, I lose everything, but risks are there to be taken.
“I have a responsibility to the 200 people that G-A-Y employs, I have a responsibility to the customers who have been loyal to G-A-Y & I have a responsibility to all those people who believe in me & have backed me.”
Mariah Carey is also among artists who have played the G-A-Y venues
The sale marks the final exit of the collapsed retailer from its venues business, which at its peak included the Hammersmith Apollo, London’s Jazz Cafe and Barfly, the Ritz in Manchester and the Lovebox festival.
It comes ahead of an announcement expected this week from Deloitte that it plans to close between 60 and 100 HMV stores, resulting in the loss of up to 1,500 jobs.