Sam Morris / File photo
Published Wednesday, Sept. 29, 2010 | 10:35 a.m.
Updated Wednesday, Sept. 29, 2010 | 11:27 a.m.
- Pure launches compliance program in wake of IRS probe (5-27-2010)
- Clubs’ cash flow probed at top (3-1-2008)
- Clubs’ cash flow suspect (2-28-2008)
- IRS “raids” Pure Nightclub (2-20-2008)
- Tipping the scales of fair play by IRS (10-24-2005)
Angel Management Group announced today that it has reached an agreement to acquire fellow restaurant and nightclub operator Pure Management Group.
Upon completion of the transaction, Angel Management will assume operations of Pure Management Group’s nine venues, which include hot spots such as Pure nightclub at Caesars Palace, LAX nightclub at Luxor and Social House at Crystals.
Their other venues include Venus Pool Club at Caesars Palace, Company Lounge and Noir Bar at Luxor, Coyote Ugly at New York New York, Dick’s Last Resort at Excalibur and Aura nightclub at the Atlantis in the Bahamas. Christian Audigier at Treasure Island, which Pure operated, closed within the last week.
The price for the acquisition wasn't released in today’s announcement.
The management company signed a deal with Hard Rock in July to manage the Hard Rock Beach Club, which includes Rehab, and reached a deal this month to handle marketing at VIP services at Vanity nightclub.
“Our first priority will be to expand upon the success of our current venues and develop our existing brands in other territories, followed by the launch of several new Las Vegas venues in 2011,” Neil Moffitt, Angel Management Group chief executive officer said.
The company has been operating nightclubs in Las Vegas since 2005. It was originally founded in 1999 as Angel Music Group before transforming into the brand it is today.
Angel Management’s acquisition of the hospitality company comes about two and half years after Pure found itself in hot water with the Internal Revenue Service.
In February 2008, the IRS sent agents to investigate Pure Management Group and its managing partner, Steve Davidovici, as part of a criminal investigation into the club's cash handling and tipping policies.
The management company went through a yearlong restructuring effort and hired Ned Collett as chief executive officer, who had served as chief operating officer of Pure from late 2007 through mid-2008.