Administrators confirm sale of Rileys Sports Bars to Weight Partners Capital has been saved
Administrators confirm sale of Rileys Sports Bars to Weight Partners Capital
5 December 2014
The Joint Administrators of Rileys today confirm the sale of its business and assets to the private equity firm Weight Partners Capital. Under the sale, the remaining 43 sites that have been traded by the Joint Administrators since their appointment on 15 September, together with the head office function, have been transferred into the new ownership, securing 366 jobs. Additionally, one more site in Bristol has been sold in a separate deal as a going concern, preserving a further seven jobs.
Rob Harding, Joint Administrator, commented: “We are delighted to have completed the sale to Weight. The sale of the restructured portfolio preserves 366 jobs, saves a historic brand in the leisure industry and provides a solid financial footing on which the business can be taken forward. We wish the Weight and Rileys teams every success and I would like to thank in particular the staff, suppliers, landlords and LT Management Services, who have been operating the sites for us, for their support in making this deal possible.”
Rob Harding and Ian Wormleighton, restructuring partners at Deloitte, were appointed Joint Administrators to Rileys Sports Bars Limited on 15 September 2014. On appointment, Rileys operated 59 sites, of which 15 have closed, while the remaining 44 sites were traded by the Joint Administrators. Rileys will continue to be the operator of multi-leisure sports venues, specialising in snooker and pool as well as offering darts, bingo and screen sports.
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.