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Mon 15th Sep 2014 - Rileys Sports Bars placed in administration
Rileys Sports Bars placed in administration: The 60-strong Milton-Keynes-based Rileys Sports Bars chain has been placed in administration with accountancy firm Deloitte today. The administration comes just two months after its owner Greybull Capital, which acquired the business through a pre-pack administration, was reported to be considering its options for the business after a sharp rebound in profit. Greybull had drafted in advisers in July to oversee a review of options for the chain, with raising funds through debt or growth capital or pursuing an outright sale of the business. Global Leisure Partners (GLP), an advisory firm, was handling the process. Rileys has been owned by Greybull since it acquired the business through a pre-pack administration towards the end of 2012. Since taking control of Rileys, Greybull has shed about half its sites, which show live sport on big screens and provide venues for playing sports such as darts, pool and snooker. The chain, which took over the running of the Sports Cafe on Haymarket in the West End of London last year, now employs about 600 people and has more than 500,000 members, according to its website. Sources said it had gone from making less than £1m of pre-tax profit to more than £2m. Maurice Kelly, its chief executive, was understood to be keen to open more sports bars in and around the London area. The chain’s heritage dates back to 1878, when the first venue was opened by Edward Riley, an entrepreneur, as a sports emporium. A division of Rileys that makes pool and snooker tables is now a separate company. The company’s website states: “Our proud heritage dates back to 1878 when the Manchester based entrepreneur Edward John Riley walked out of his job in a local bank and turned his passion for cricket, tennis and billiards into his lifetime’s work. Rileys Sports Bars are now run as a completely separate business from that of table-making, with more than 60 sports bars across the UK, employing some 600 people. The clubs have successfully established a haven for the community offering a social sanctuary where individuals can relax and take pleasure from the challenge and achievement of chalking up a win in a competitive sport.”
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