FINANCE: Sports bar operator Rileys has fallen into administration, resulting in the closure of 15 venues.
Deloitte has been appointed as administrator to Rileys Sports Bars Limited, which owns the Sports Café site in central London, after failing to secure a buyer for the business.
The group’s owner, Greybull Capital, had appointed Global Leisure Partners, an advisory firm, earlier in the summer to seek new investors for Rileys.
Prior to the administrators appointment Rileys operated 59 venues across the country employing 522 staff. It was established in 1978 and is headquartered in Milton Keynes.
It is the second time in two years that Rileys has been forced to seek protection from its creditors, with Greybull acquiring the business through a pre-pack administration.
Deloitte confirmed Rob Harding and Ian Wormleighton have been appointed administrators.
They said the administrators would continue to trade Rileys “while they investigate options to secure the best outcome for all of the company’s creditors”.
Deloitte added that on appointment it had been necessary to close 15 sites, which had resulted in 104 redundancies at those sites, with a further 20 at the company’s head office.
Rob Harding, Deloitte partner and joint administrator, said: “Following our appointment it has been necessary for us to implement certain cuts immediately. We are now working to stabilise the business following our appointment while 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.”
bridget.oconnell@estatesgazette.com
