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Mon 15th Sep 2014 - Administrator closes 15 Rileys Sports Bars sites
Administrator closes 15 Rileys Sports Bars sites: Administrator Deloitte has closed 15 of the 59 sites within the Rileys Sports Bars chain after the business fell into administration today. This has resulted in 104 redundancies at those sites, with a further 20 at the company’s head office in Milton Keynes. 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 whilst 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.” A total of 44 sites in the Rileys estate still open. Established in 1878, Rileys is headquartered in Milton Keynes and, prior to the administrators’ appointment, operated 59 venues across the country, employing 522 staff. 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 at the time said it had gone from making less than £1m of pre-tax profit to more than £2m.
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