Pacha Group owner secures funding for global expansion
While the island's dancefloors currently rage in the throes of closing party season, activity in the boardroom is apparently just as lively. Pacha Group owner FIVE Holdings has secured funding for the global expansion of its music-driven hospitality empire.
A near $500 million credit facility has been raised for projects around the world. The war chest will strengthen the company's footprint on Ibiza, in its Dubai base and aid its ambition to move into the United States and Asia over the next two to three years.
Fuelling the next era of dance culture innovation, FIVE Holdings aims to create new destination venues at the intersection of electronic music and luxury hospitality, that blend electronic music, gastronomy, travel and entertainment.
At the epicentre of the expansion remains Pacha Ibiza, arguably the most globally recognised clubbing brand that has had a presence on the island for over fifty years. The energy on the dancefloor this summer has spoken for itself, but now some of the figures are in.
The club hosted 64 parties in the second quarter, welcoming 222,018 customers through its doors. That represents a 25 per cent increase on the same period last year.
Stephen Hunt