Sports Bar Firm Rileys Calls In Administrator

By Mark Kleinman, City Editor

Rileys, one of Britain's biggest sports bar operators, has fallen into administration in a move which threatens more than 500 jobs.

Sky News has learnt that Deloitte has been appointed as administrator to Rileys Sports Bars Limited just two months after its owner, Greybull Capital, put the company up for sale.

It is the second time in two years that Rileys has been forced to seek protection from its creditors, with Greybull acquiring the business through a controversial process known as pre-pack administration.

Just under 125 Rileys employees, including 20 from the company's head office in Milton Keynes, were made redundant on Monday afternoon, according to a statement from Deloitte issued in response to an enquiry from Sky News.

The chain, which owns the well-known Sports Cafe site on Haymarket in Central London, traces its roots back to 1878, and specialises in snooker and pool, as well as darts, bingo and broadcasting of live sporting events.

Deloitte said that it would "continue to trade Rileys whilst they investigate options to secure the best outcome for all of the Company's creditors".

"On appointment it has been necessary to close 15 sites.  Unfortunately this has resulted in 104 redundancies at those sites, with a further 20 at the Company's head office."

Rob Harding, a partner at Deloitte and the 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."

Greybull had appointed Global Leisure Partners, an advisory firm, earlier in the summer to seek new investors for Rileys, which had seen an improvement in its performance.

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