Rileys Leisure has posted a notice of intent to appoint administrators, with the effect of lockdown potentially proving the final straw for the beleaguered pool bar operator.
The 22-venue firm, which has twice escaped insolvency since 2012, is currently working with FRP Advisory on options to secure financial survival, and the jobs of its 240 staff.
“Like all businesses in the hospitality, leisure and entertainment sectors, we have been significantly impacted by the lockdown,” said CEO Craig Mayes, speaking to media. Rileys was acquired by current owners Weight Partners Capital in 2014, after the company was placed into administration by Greybull Capital, itself having bought the operator in a pre-pack administration in 2012, before closing half of the retail estate prior to resale.
The latest financial information states that Rileys accrued debts of £3.7m in 2018, on turnover of £10.3m, with the notice of intent to appoint administrators now giving the firm ten days protection from creditor action while a buyer is sought.
As well as pool and sports bars, Riley also manufactures and sells snooker, pool, football and air hockey tables, with recent reports in the Daily Telegraph adding the firm believes it “can still avert administration if another solution can be found.”