(Bloomberg) -- SoftBank has pulled out of discussions to take over KPMG's Number Twenty Club in London, the Sunday Times reported, citing an unidentified person.
The private club's staff were told that SoftBank backed away from a deal to take the lease for the club and there would be no immediate sale of the property, according to the newspaper.
KPMG had put the Mayfair property for sale in September as part of plans to cut about GBP100 million ($129 million) in costs. The Financial Times reported last month that SoftBank was in talks to take over the club, which rents for GBP4.1 million annually.
To contact the reporter on this story: Niluksi Koswanage in Singapore at nkoswanage@bloomberg.net
To contact the editor responsible for this story: Niluksi Koswanage at nkoswanage@bloomberg.net
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