As Pacha reaches its 40th birthday, it has been announced that it’s selling up
The group, which owns a global monopoly of clubs, hotels and merchandise stores, opened its first club in Sitges in 1967. It expanded out to Ibiza in the 80s, and cherry logo have been ubiquitous for clubbers ever since.
Pacha has remained a family run business since its incarnation, so it’s little surprise that the reason behind its sale is personal. A source close to its owner, Ricardo Urgell (whose brother Piti still plays regularly at Pacha) has stated that there is an intense dislike for the Matutes family, who own the Ushuaia conglomerate.
“Pacha does not believe in this new idea of a rich Ibiza as pshed forwards by Abel Matutes. The founder cannot go on any more, and his children do not want to bear witness to the future. For this reason they are looking for an investor”.
The sale price of the brand is marked at a reported €500 million.
13 Sep 2016