Sports bar and pool hall operator Rileys has entered administration resulting in 124 redundancies.
The company has entered administration for the second time in two years, after being rescued from insolvency by Greybull Capital via a pre-pack deal in 2012.
Rileys Sports Bar limited will continue to trade while in administration, although 15 locations have already closed with 104 staff made redundant. 20 staff from the company’s head office in Milton Keynes have also lost their jobs.
Greybull Capital had sought to sell the company during the summer but no buyer was forthcoming.
Rob Harding and Ian Wormleighton of Deloitte were appointed as joint administrators to the company yesterday (15 September).
Harding 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.”
Administrators confirmed they would “continue to trade Rileys whilst they investigate options to secure the best outcome for all of the company’s creditors”.