A well-known Ebbw Vale venue has been given a new lease of life after local entrepreneur Pratik Patel acquired and reopened the former Plaza nightclub as the New Tavern, bringing live music and entertainment back to the heart of the town.
Once a popular fixture of Ebbw Vale's nightlife, the venue was closed after a significant flood in 2024. The Development Bank supported Pratik Patel with a £150,000 from the Wales Flexible Investment Fund towards buying the leasehold for the property.
Pratik, who owned the ground floor of the former Plaza, bought the building's long leasehold after recognising an opportunity to restore the space which had once played an important role in the town's nightlife.
The loan allowed Pratik – who also owns the Continental Bar, a craft beer venue also in Ebbw Vale – to secure the property and move forward with plans to transform the former venue into the New Tavern.
The deal was assisted by Martin Pursall and Deira Thomas at solicitors Berry Smith, and Leighton McAdorey from Fonseca Solicitors.
Pratik Patel, owner of the New Tavern, said:
“The New Tavern is about much more than reopening a venue. This building has been part of Ebbw Vale's social scene for years and I felt it was important to bring it back into use for the community. There is a real appetite for quality live entertainment and nightlife in the town, and we've been encouraged by the support we've received since reopening from customers and music artists.
“This firm foundation also allows the business to press ahead with the opening of the Sports Bar in the Old indoor market upstairs. I am grateful for the support received from Development Bank of Wales, along with the efficient process of approving the loan within two weeks. “
Navid Falatoori, Senior Investment Executive at the Development Bank of Wales, said:
“Projects like the New Tavern show the important role that local businesses can play in supporting town centres and bringing communities together.
“Pratik saw the potential in a prominent property that had been left vacant and has invested in creating something that will generate jobs, attract visitors and contribute to the local economy. We're pleased to have supported the project and look forward to seeing the venue thrive as part of Ebbw Vale's continued regeneration.”
Financed by Welsh Government, the £500 million Wales Flexible Investment Fund supports Welsh businesses with terms of up to 15 years. Loans, mezzanine finance, and equity investments are available from £25,000 to £10 million.
For more information, visit developmentbank.wales
