The Sodexo group will separate from the Parisian cabaret Le Lido. The sale agreement has been concluded with the AccorHotels Group.
Lido will change. Currently owned by Sodexo Group, it should join the Accor group of hotels. An agreement to sell it was concluded between the two French companies, according to Agence France-Presse.
Sodexo also confirmed this information, Originally Posted in Les Echos“Sodexo confirms that it has reached an agreement with Accor regarding a project to sell Lido de Paris,” a spokesperson for the catering group said in an email to Reuters, noting that a consultation had been scheduled early next week with employee representatives.
“A separate activity in Sodexo Live! Portfolio, Lido de Paris is no longer part of its growth strategy,” this Sodexo group company “chosen to refocus its investments on developing catering, Lenôtre, and Bateaux Parisiens, Batobus and Yachts de Paris”.
Accor hotel group, when questioned, declined to comment. However, a source familiar with the matter confirmed that an official announcement is scheduled for Monday at the closing of the Paris Stock Exchange.
With this deal, the value of which should not be disclosed, Lido, which celebrates its 75th anniversary this year, is entering a new stage in its history. Created in 1946 by the Clerico family, this legendary venue for Parisian nights, like the entire cabaret sector and music hall, has been badly affected by the long closures imposed by last year’s health crisis management: the sales volume of these establishments collapsed by 80% in 2020, dropping to 45 million euros.
In 2015, the famous Champs-Élysées cabaret began its transformation by updating its review under the leadership of Belgian director Franco Dragone, who worked at the Cirque du Soleil and staged amazing shows, including the Céline Dion show in Las Vegas.
While waiting for foreign tourists to return, Le Lido, which is usually open 365 days a year, is only open from Thursday to Saturday. According to an audit conducted by the Board of Auditors, Parisian cabarets were the first recipients of public aid to the entertainment sector during the health crisis: 1 million euros each for Crazy Horse, Latin Paradise and Moulin Rouge, nearly 700,000 euros each for Crazy Horse, Latin Paradise and Moulin Rouge Lido.
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