RNS Number:4813P
MAMA Group Plc
06 March 2008





6 March 2008


                                 MAMA Group Plc

                              Acquisition of Venue

MAMA Group Plc ("MAMA" or "the Company") is pleased to announce that it has
entered into a conditional agreement to purchase, through Mean Fiddler Holdings
Limited ("MFH"), a wholly owned subsidiary of the Company, the freehold title to
The Gig ("The Gig" or the "The Venue"), a live music and entertainment venue
located in Edinburgh's city centre, from Luminar Liquid Limited, a subsidiary of
Luminar Group Holdings plc.

The purchase consideration for The Venue is �3,550,000 which the Company intends
to finance with a mixture of new debt facilities and cash. The Venue has been
non-trading since January 2007 and there are no trading figures for the current
financial year. However, based on an independent valuation obtained by the
Company, The Venue has a vacant possession valuation (i.e. assuming no trade or
licenses) of at least �2,200,000.

The Gig, with a capacity of approximately 1,500, is currently the only medium
sized live music venue in the centre of Edinburgh. The directors believe,
following a proposed refurbishment, that The Venue will become one of Scotland's
most prestigious live music venues. It is expected that The Venue will be
revenue enhancing with immediate effect once it is reopened following
refurbishment, which is expected to be in the second half of 2008.

Completion of the acquisition is conditional on the transfer of The Venue's
premises licence to MFH which is expected to be granted within a month of the
date of agreement. Under the terms of the acquisition both the Company and MFH
will undertake to Luminar Lava Ignite Limited ("Luminar Lava") that neither they
nor any group company of MAMA shall use or trade The Gig in direct competition
on a like for like basis with the nightclub business operated by Luminar Lava in
Edinburgh for a maximum duration of five years from the date of acquisition.


Adam Driscoll and Dean James, Co-Chief Executive Officers of MAMA commented:

"We are delighted to have enhanced our mid sized live music venue portfolio with
the acquisition of this landmark venue. The Gig has been synonymous with
entertainment in Edinburgh for over 80 years and is positioned in a unique
location; ideal for live music and live entertainment. This announcement follows
closely behind details of our acquisition of a similar sized venue in
Birmingham. These two properties represent significant additions to our growing
network of live music venues in the important Edinburgh and Birmingham markets.
Our venue portfolio is now 20 strong and there remains exciting potential for
further development."


For further information contact:


Adam Driscoll or Dean James, Co-Chief Executives
MAMA Group Plc                                     020 7688 9000

Katherine Roe
Panmure Gordon & Co                                020 7459 3600

Mark Longson
Square1 Consulting Limited                         020 7929 5599


                                    - ENDS -




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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