Mon, 20 Jul 2020 | ADMINISTRATION
FRP Advisory are seeking a buyer for Rileys Sports Bar, after the chain fell into administration. The company has already closed four of its 21 locations, after the COVID-19 pandemic caused it to speed up the closure of underperforming sites.
In a statement, the company said: “It is with great sadness that yesterday (July 16) we had to make the very difficult decision to permanently close our sites in Grays, Wolverhampton, Worcester and Sheffield.”
“The COVID-19 pandemic has a far-reaching effect on the business and the wider hospitality industry. As such we have re-evaluated the business to ensure that we have a strong proposition to take forward into the post-coronavirus world.”
FRP partners Philip Watkins and Geoff Rowley have been appointed as joint administrators and tasked with finding a buyer for the company. Rileys’ 17 remaining sites are expected to resume trading once a buyer has been found. A number of potential buyers are reported to have expressed interest in the chain.
Rileys Sports Bars feature snooker and pool tables, dart and table tennis, as well as live sport and food and drink. Before the recent site closures, the company employed 208 staff, 44 of whom have now been made redundant. Prior to the coronavirus lockdown, the Milton Keynes-based company had recorded eight months of like-for-like growth.
Joint administrator Philip Watkins said: “Rileys is a well-known brand with a popular proposition that has become well-established in towns and cities across the country. As we market the business for sale,, we expect there to be interest from prospective buyers who will take the sites forward and welcome back customers as the UK leisure market opens back up.”
If you are looking for an exit, we can help!
This business is situated in the North Cornish town, this offering is suitable for a variety of occupiers/uses.
FREEHOLD
A most appealing and successful country house hotel 12 ensuite bedrooms and well appointed public rooms. Comes with landscaped gardens and a swimming pool.
FREEHOLD
A small island hotel in a beautiful location on St Marys Town beach, overlooking the harbour and off islands beyond. Nine of the hotel's fourteen ensuite guest bedrooms take in superb uninterrupted sea views.
FREEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.