Nightclub operator, Urbium, is to acquire two City of London bar/restaurant sites from SFI Group.

The two venues, at Mincing Lane and Finsbury Square, have capacities of 620 and 400 respectively and will be closed by SFI prior to the acquisition by Urbium.

They will both be redeveloped and are expected to reopen by May 2004.

Once the new sites open, Urbium will operate four City of London venues, including Digress, on Ropemaker Street and Abacus, in Cornhill, an 850-capacity bar nightclub which is due to open later this month.

Managing director, Robert Cohen, said: “The acquisition for development of these two, well located, late-licensed properties is an important step towards Urbium’s objective of securing a significant share of the large and affluent London market.

“Our first bar nightclub in the Square Mile, at Ropemaker Street, has exceeded our expectations and clearly demonstrated that Urbium’s operating format is highly attraction to the City market.”