Sports bar chain Rileys has entered administration, putting more than 500 jobs at risk across the UK.
This is the second time in two years the pool hall business has entered administration, and comes two months after parent company Greybull Capital put it up for sale. Rileys was founded in 1878.
Rob Harding and Ian Wormleighton of Deloitte were appointed administrators today. The restructuring firm said it would continue to trade Rileys whilst looking into options “to secure the best outcome for all of the company’s creditors”.
Already 15 of the 59 venues have been shut down, resulting in 104 redundancies at those sites, and a further 20 at the Milton Keynes head office.
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.”
The news follows yesterday's surprise announcement that mobile phone retailer Phones 4u had entered administration after being dropped by its final network partner EE, putting more than 5,500 jobs at risk.