New owner for Espionage is no secret

Published on Thursday 8 February 2007 11:54

A PROPERTY speculator from Edinburgh has snapped up one of the city's most popular nightclubs.

Jim Tullis has bought Espionage on Victoria Street, adding to his recent acquisition of the neighbouring India Buildings and the Minto Hotel in Newington.

The local entrepreneur now plans to open a backpackers' hostel or a hotel in the former registrar's office, and wants to introduce the James Bond-themed nightclub chain to Liverpool and Glasgow.

He has also taken control of the Espionage club in Aberdeen.

In a separate deal, another of the Capital's most popular drinking haunts has been sold to an Aberdeen-based pub group.

The Rutland Hotel in the West End is the third Edinburgh establishment to be purchased by Signature Pubs in the space of a few months.

Both Espionage and the Rutland were previously owned by city entrepreneur Billy Lowe, who today said some of the cash - understood to be in the tens of millions - would be spent on improving his successful Le Monde hotel and "super-club" on George Street.

"Both offers were too good to refuse," he said today, adding that he had been pleasantly surprised by the interest.

"I've had the Espionage nightclubs for seven years but I'm very focused on Le Monde now. We're coming up to our first anniversary, after a better-than-expected year, and I want to concentrate on taking that forward."

The Espionage deal was finalised in December, and all staff transferred to Mr Tullis's company - Melville Street-based Duddingston Leisure.

The sale of the Rutland was completed last week, and comes less than two years after Mr Lowe purchased the hotel and bar. It is understood Signature Pubs paid around 1m more than Mr Lowe's original purchase price.

"I bought the Rutland with the idea to redevelop it, but Le Monde took priority first," said Mr Lowe. "Following the sales, we now own the Frankenstein chain, Le Monde, The Golf, The Standard and Illicit Still in Aberdeen - and we're always looking for any further opportunities, especially involving quality pubs."

Mr Tullis originally bought part of India Buildings - above Espionage - a few years ago.

He announced plans to create a four-star 300-bed hostel, although he today said he might consider opening a hotel instead.

Until now, Duddingston Leisure has mainly been involved in running hotels - including the Northfield House Hotel in Liberton and the West End Hotel.

Mr Tullis purchased the Minto Hotel in November 2005 for around 3m, and spent another 1m on a major refurbishment of the B-listed building.

Tomorrow he will open a new bar called The Newsroom on Leith Street.

"It will be more of the same at Espionage," he said today.

"We've bought the name and the trademark because we think it's a great concept and I want to take it around Britain."

Nobody from Signature Pubs was available for comment.