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 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 3 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 4 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
- 5 The Greece debt crisis explained in less than 100 words
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Florida teacher sentenced to 22 years in prison for sexually abusing three pupils
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...