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625 Jobs and 78 Clubs Saved as New Investment Announced
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Posted on Friday, November 23 2012 @ 18:21:25 UTCby admin
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Rileys Sports Bars Ltd
Suite 3
Shenley Pavilions
Chalkdell Drive
Shenley Wood
Milton Keynes
MK5 6LB
www.rileys.co.uk
Friday 23 November 2012
Jobs and Clubs Saved as New Investment Announced for Rileys Sports Bars Ltd
More than 600 jobs and 78 clubs at Rileys Sports Bars across the UK have been secured after the company has been bought from Administration by private investors.
The move safeguards snooker, pool and sports bars around the country and will allow the name, Rileys, one of the best known in leisure and sport in Britain, to continue on the high street.
Regrettably 146 jobs will be lost (44 full-time and 102 part-time) and 25 clubs will cease trading as part of the Administration process which is overseen by KPMG.
Maurice Kelly, CEO, Rileys Sports Bars Ltd said: “We are desperately sorry that we could not take everyone with us but we’ve worked hard to rescue the majority of our clubs, saving 625 jobs.
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‘Continuing cash flow and trading difficulties on the High Street has forced this administration but the new company has been fortunate in securing significant investment from private sources to take the business forward and to secure one of the oldest names in British sport.”
He continued; “The double-dip recession has put pressure on all discretionary spending in the country and we have not been immune to those problems experienced by retailers’.
‘There have also been on-going issues with the smoking ban and changes to the Gambling Act which disadvantaged commercial snooker clubs.”
He concluded; “We are confident that we can now create a new offering to members and customers which will excite them and it is really encouraging to be able to attract new investment to take the company forward.”
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