Thu, 20 Jun 2013 | BUSINESS SALE
The Atmosphere Bars and Clubs business has been sold out of administration.
The firm entered administration on 14 May this year. Daniel Butters and Adrian Berry from Deloitte were appointed to handle matters.
When the joint administrators took the business on the firm had a total of 24 venues; 14 of these have subsequently been closed. Now the remaining ten venues have been bought by the Chicago Group, an affiliate of Sun European Partners LLP, which has also acquired the company's head office and business.
Mr Butters commented on the sale: “We are delighted to have completed the sale of the restructured portfolio, thereby securing the employment of 252 full and part-time staff. We wish the buyer every success and are grateful for the support of all employees and stakeholders to the business during the administration.”
Before the sale went through Deloitte received a number of expressions of interest for the company. However, it is thought to be welcome news that the administrators were eventually able to sell the firm as a going concern.
Atmosphere was hit by difficult trading conditions in recent years and has been operating at a loss for some time. In the year to 26 February 2012 the firm reported a pre-tax loss of £4.1 million, while the year before saw losses of £5.2 million.
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