Friday, January 28

Sodexo signs an agreement to sell the Le Lido cabaret to the Accor hotel group

Dancers performing on stage at the cabaret deu Lido in Paris, September 10, 2019 Christophe ARCHAMBAULT

The famous Parisian cabaret Le Lido will change hands: the collective catering group Sodexo, which had owned it since 2006, announced that it had reached an agreement with the hotel giant Accor, which will become its new owner.

A spokesperson for Sodexo announces that the group “has reached an agreement with Accor on a project to sell the Lido de Paris”, after several weeks of negotiations, confirming information from the daily Les Echos, and specifies that a communication will be made to “employee representative bodies at the start of next week”.

“A separate activity in the Sodexo Live! Portfolio, the Lido de Paris is no longer part of its growth strategy”, this subsidiary of the Sodexo group “having chosen to refocus its investments on the development of catering and services, and the Lenôtre, Bateaux Parisiens, Batobus and Yachts de Paris brands “, detailed the spokesperson.

When questioned, the Accor hotel group declined to comment.

A source familiar with the matter, however, confirmed that an official announcement should be made on Monday at the close of the Paris Bourse.

With this transaction, the amount of which should not be disclosed, the Lido, which is celebrating its 75th anniversary this year, is entering a new phase in its history.

Created in 1946 by the Clérico family, this mythical place for Parisian nights was, like the entire cabaret and music hall sector, very affected by the long periods of closures imposed by the management of the health crisis last year: the turnover of these establishments collapsed by 80% in 2020, to fall to 45 million euros.

In 2015, the famous Champs-Élysées cabaret began its metamorphosis by modernizing its review under the leadership of Belgian director Franco Dragone, who had worked for Cirque du Soleil and organized spectacular shows, including that of Céline Dion in Las Vegas.

While waiting for the return of foreign tourists, Le Lido, usually open 365 days a year, had only reopened from Thursday to Saturday.

According to an audit by the Court of Auditors, Parisian cabarets were the first beneficiaries of public aid to the entertainment sector during the health crisis: one million euros each for the Crazy Horse, the Latin Paradise and the Moulin Rouge, near of 700,000 euros for the Lido.

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