Tue, 16 Sep 2014 | ADMINISTRATION
Sports bar operator Rileys has found itself in administration for the third time in five years, following a dip in custom over the summer months.
The move renders about 500 employees at risk of losing their jobs. Administrators from Deloitte were drafted in yesterday (Monday 15 September) to assess the options for the UK’s largest snooker and pool bar operator, which had over 160 outlets at the top of its game.
In 2009 198 jobs were lost and later in November 2012 a pre-pack administration deal led to a further 146 job cuts and 25 club closures.
Fifteen of the 59 bars have already been closed this time round, with 104 job losses, and another 20 made redundant at its head quarters in Milton Keynes.
Rob Harding, joint administrator, confirmed that the sports bars are still trading. He said: “We are now working to stabilise the business following our appointment whilst we consider our options for securing the best outcome for the company’s creditors.
“The remaining sites continue to trade as normal and we appreciate the co-operation and support of the Company’s employees, landlords, customers and other key stakeholders.”
Its current owner Greybull Capital bought Rileys Sports Bars Limited in the 2012 pre-pack administration, and placed the business on the market two months ago to seek new investment.
The chain, which includes the popular Sports Café site in Haymarket, central London, dates back to 1878 when it was founded by sports enthusiast and Irish entrepreneur Edward John Riley. The bars offer snooker, pool, as well as darts and bingo, and broadcasts live sporting events.
_______________________________________________________________
Related information:
Contact the administrators
Map showing administrations across Britain
This well-established facilities management business in London, specialising in cleaning, maintenance, and security services, offers a unique opportunity with multi-year service agreements ensuring predictable recurring income. This opportunity prese...
This thriving value added meat company, prominently featured in major retailers like Tesco and Sainsbury's, boasts impressive growth with sales projected to more than double by 2026. The business has shown remarkable growth and we are poised to incre...
This London-based health and beauty dropshipping store presents a remarkable opportunity with its fully responsive website, a strong emphasis on eco-friendly products, and a mission to protect bees, setting it apart in the market. The sale of the bus...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.