Yahoo Finance Sports bar brand Rileys on the brink of collapse
Rileys sports bars are on the brink of becoming the next casualty of the pandemic, putting 240 jobs at risk.
The chain is working with FRP Advisory on options to secure its survival but has filed notice of intent to appoint administrators.
Rileys has 22 sites around the country where customers can play pool, darts, snooker and watch live sport.
Rileys’ private equity owner Weight Partners Capital bought the chain in December 2014 after it was put into administration by previous owners Greybull Capital. Greybull had itself bought Rileys out of inslovency in 2012.
In 2018 the chain lost £3.7m on turnover of £10.3m, and employed 242.
Notice of intent to appoint administrators is a step before administration and gives a company breathing space from creditor action for ten days. It can still avert administration if another solution can be found.
Rileys chief executive Craig Mayes said: “Like all businesses in the hospitality, leisure and entertainment sectors, we have been significantly impacted by the lockdown.
“We have been working with FRP to find the best way forward for the business, alongside planning for re-opening in the coming weeks.”
