Partly Cloudy

Partly Cloudy

max temp: 14°C

min temp: 7°C

ESTD 1874 Search

WIN A NEW HYUNDAI i10 - See the EADT on June 8 for full details

UK: Rileys to close 25 pool and snooker clubs with the loss of 146 jobs

16:17 23 November 2012

Pool and snooker clubs chain Rileys is to close 25 venues

Pool and snooker clubs chain Rileys is to close 25 venues

Archant © 2007

POOL and snooker clubs firm Rileys is to close 25 clubs with the loss of 146 jobs after slumping into administration, it emerged today.

shares

But a so-called pre-pack deal, where a sale of the business is agreed before insolvency proceedings start, will see private investors take on the remaining 625 staff and 78 clubs.

Among the clubs which will continue operating are those in Ipswich, Colchester and Norwich.

Allan Graham, one of the joint administrators from accountancy firm KPMG, said: “The combination of difficult trading conditions and a significant number of loss-making sites meant that the company was unable to continue trading on a solvent basis.

“However, the business has a large and loyal membership base, which made it an attractive acquisition opportunity.

“We are pleased that we have been able to rescue the large majority of the business with today’s sale to a private investor. Unfortunately a buyer could not be found for the remaining sites, which has resulted in a number of redundancies on our appointment.”

It is the second time the Milton Keynes-based business has gone into administration in recent years. In 2009, 198 staff lost their jobs when the company called in administrators after suffering from a downturn in trade and large debts.

Rileys chief executive Maurice Kelly said the company had suffered cash flow and trading difficulties as the double-dip recession put pressure on consumer spending.

He said: “We have not been immune to those problems experienced by retailers.”

Mr Kelly also blamed the failure on the smoking ban and changes to the Gambling Act which disadvantaged commercial snooker clubs.

But he said today’s deal would see Riley’s get “significant” investment from private sources.

Rileys, which operated 165 clubs at its peak, was founded in the 1870s by Irish entrepreneur E J Riley, who lived in Manchester.

shares

0 comments

Thomson Airways' new Boeing 787 Dreamliner touching down at Stansted.

Stansted Airport today marked the arrival of the latest in airline technology with the launch of a new long-haul service from the Essex terminal.

'Love every drop' branding on an Anglian Water van.

Regional water and sewerage services group Anglian Water has announced an increase in underlying annual profits, following a year which marked the end of a five-year settlement with regulator Ofwat.

Frank Brumby, eastern region chairman of R3.

East of England business victims of late payment saw more than one in six (16%) of their invoices paid late in the last six months, according to research by insolvency trade body R3.

An LA Fitness gym.

Low-cost gym operator Pure Gym is to acquire mid-market rival LA Fitness, picking up 43 clubs for an undisclosed sum thought to be in the range of £60million to £80m.

B&Q parent Kingfisher said it was ploughing on with a shake-up plan

B&Q parent Kingfisher said today it was ploughing on with a shake-up plan “at pace” as it reported a first quarter slide in sales at the DIY chain.

Sarah Howard, president of Suffolk Chamber of Commerce, and Mark Pendlington, chairman of New Anglia Local Enterprise Partnership, at the celebration marking the first year of work by the New Anglia Growth Hub.

Supporters and staff from the New Anglia Growth Hub today celebrated its first year of work.

The new Escape lounge at Stansted Airport.

A new business lounge at Stansted Airport has been used by more than 9,000 visitors in its first month.

Rooney Anand, chief executive of Greene King.

Proposals from pubs and brewing company Greene King designed to address concerns over its agreed acquisition of the Spirit Pub Company look set to be backed by the UK’s competition authority.

Angus Berry, energy manager at Thames Water, and Richard Robey, sales and marketing director at Haven Power.

Haven Power, the specialist supplier of electricity to UK businesses, has signed a deal with Thames Water worth more than £500million over the next five years.

Retail sales are

Retail sales are “bounding ahead” as falling prices and a boost to consumer spending power is giving retailers the most upbeat outlook for 27 years, according to new figures.

Most read

Most commented

Topic pages