Northern Ireland’s largest LGBTQ+ bar, Kremlin, has sold for an undisclosed price “believed to be in the region of £4-5m”. The Belfast hotspot, which celebrated its 25th anniversary this year alongside its sister venue Union Street, was bought by businessmen from Co Armagh, according to reports on Friday, August 23.
The bar opened in 1999 under the ownership of Kremlin Associates, with staff saying its name came as a “middle finger” to the Russian government. It was first put on the market for £3 million in 2014 and acquired by Anthology NI.
Since then, the site has expanded to add The Roof bar in 2018 and a new parklet in 2021. It also has a range of areas which are available for private hire, including The Green Room on the second floor of Union Street, the Tsar cocktail lounge and the Shoe Factory which holds up to 250 people. For larger groups, Kremlin itself can accommodate up to 700.
Following the sale, former Anthology NI Director Anthea Wilson said: “I had the best 15 years running The Kremlin and Union Street Bar and I am sad to let it go. It has been operated as a family for the last 25 years.”
However, Wilson continued: “Times have changed and hospitality is a different ball game now post-Covid, and it is time to hand the next phase of its evolution over to new people with a fresh set of ideas, who can continue to make it the best entertainment complex in the country.
“The Kremlin is busier now than it has ever been, and I am looking forward to seeing what the new owners do to develop it further. I wish the new owners the very best of luck and success. I am sure there will be many exciting changes in the future.”
Gavin Weir of Avison Young, which brokered the transaction, described The Kremlin as “undoubtedly one of Belfast’s most successful leisure destinations”.
“We look forward to seeing the business flourish under the new ownership and see the deal as a real confidence boost for the sector as a whole.
“The deal goes to prove that Belfast can compare favourably with other major cities in terms of both trading performance and price,” Young concluded.
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