Mon, 02 Nov 2020 | BUSINESS SALE
Deltic Group, the UK's largest nightclub group, has put itself up for sale after months of closure causes cash-flow problems.
According to the group, its clubs have been forced to remain closed since March due to the Covid-19 pandemic, leaving the chain on the brink of collapse.
The group's owner has revealed that it has begun a search for a buyer while it considers all its options, which include the possibility of applying for a company voluntary arrangement. He said: "We have to look at every option going and part of that is to see what other capital is out there to get the business through this."
Deltic has already fired 1,000 employees, but it has revealed that the recent extension to the government's job support scheme has prevented any further job losses. However, chief executive Peter Marks has urged the government to do more to support the nightclub sector as it fights to stay afloat amid prolonged closures.
The Deltic Group runs 52 venues across the UK and owns brands including Pryzm, Atik and Evoque. So far, more than 10 potential buyers have reportedly expressed an interest in the group.
According to Michael Kill, chief executive of the trade body the Night time Industries Association, the industry is expecting many more similar businesses to begin a search for buyers if the current Covid-19 measures continue.
"People within the business will be concerned about their future and it epitomises the concern in our sector, whose businesses have been restricted for a long time without considered and proportionate support.
"For many companies, we’ve missed the boat. Now we’re starting to lose businesses and the government needs to act at pace to stem this loss. Our night-time economy will slip away if we’re not careful."
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