Failing regional nightclubs across the UK are set for a revival after a private equity fund is to invest £5m a month in refurbishing and rebranding venues.

EMCO Capital Advisers, a Cayman Island-registered property fund, has plans to either revive venues, or secure planning permission to redevelop the properties as flats, shops or offices before selling them on.

Emyr Hughes, the 25-year-old co-founder of the fund, said the secret to getting customers back into clubs is to “provide something people ...