More woe for UK's nightlife sector
Wednesday 25 January 2012
The owner of the Sports Cafe on London's Haymarket and 19 other bars and clubs around the country have been wrapped up in a pre-pack administration, in the latest sign of the downturn which is ravaging Britain's nightlife sector.
Company Time Limited collapsed into the hands of administrator RSM Tenon in December.
Its assets were then immediately bought back by Sports Cafe 2008 (Operations) Limited, a subsidiary of Yellowhammer Bars Limited which was the umbrella company behind Company Time Limited.
The bars traded throughout the pre-pack administration, and remain open, employing 547 staff.
In its 2011 accounts, Company Time Limited posted a 6 per cent decline in like-for-like sales. It posted a £1.5m loss.
Elsewhere, Luminar, Britain's biggest nightclub group, fell into administration in December after the operator of the Oceana, Liquid and Lava & Ignite brands ran up debts of £140 million and banks pulled the plug. It was later bought by a consortium of leisure industry entrepreneurs, led by former Luminar executive Peter Marks.
The chain was hit hard by record youth unemployment, which left potential clubbers hard up.
- 1 Is this bridge haunted by the ghost of nu rave?
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 The day I starred in Only Fools and Horses
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Is this bridge haunted by the ghost of nu rave?
Saudi Arabia says it won't rule out building nuclear weapons
Germanwings plane crash: Andreas Lubitz 'had eyesight problems' and woke from nightmares 'screaming we’re going down'
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...