Partly Cloudy

Partly Cloudy

max temp: 3°C

min temp: -1°C

Search

UK: Rileys to close 25 pool and snooker clubs with the loss of 146 jobs

16:17 23 November 2012

Pool and snooker clubs chain Rileys is to close 25 venues

Pool and snooker clubs chain Rileys is to close 25 venues

Archant © 2007

POOL and snooker clubs firm Rileys is to close 25 clubs with the loss of 146 jobs after slumping into administration, it emerged today.

But a so-called pre-pack deal, where a sale of the business is agreed before insolvency proceedings start, will see private investors take on the remaining 625 staff and 78 clubs.

Among the clubs which will continue operating are those in Ipswich, Colchester and Norwich.

Allan Graham, one of the joint administrators from accountancy firm KPMG, said: “The combination of difficult trading conditions and a significant number of loss-making sites meant that the company was unable to continue trading on a solvent basis.

“However, the business has a large and loyal membership base, which made it an attractive acquisition opportunity.

“We are pleased that we have been able to rescue the large majority of the business with today’s sale to a private investor. Unfortunately a buyer could not be found for the remaining sites, which has resulted in a number of redundancies on our appointment.”

It is the second time the Milton Keynes-based business has gone into administration in recent years. In 2009, 198 staff lost their jobs when the company called in administrators after suffering from a downturn in trade and large debts.

Rileys chief executive Maurice Kelly said the company had suffered cash flow and trading difficulties as the double-dip recession put pressure on consumer spending.

He said: “We have not been immune to those problems experienced by retailers.”

Mr Kelly also blamed the failure on the smoking ban and changes to the Gambling Act which disadvantaged commercial snooker clubs.

But he said today’s deal would see Riley’s get “significant” investment from private sources.

Rileys, which operated 165 clubs at its peak, was founded in the 1870s by Irish entrepreneur E J Riley, who lived in Manchester.

0 comments

An historic church in Ipswich will be ringing in a new era in its 700-year history after securing nearly £164,000 to restore and re-hang its bells and re-open to the public.

Runners braved the frosty conditions this morning to take on a picturesque race alongside the River Orwell.

Traffic was brought to a standstill tonight when a cow broke loose and made its way onto a main road in Suffolk.

A petition started by a teenager in protest against the sudden and unexpected closure of a Colchester skatepark has attracted more than 2,000 signatures.

Proposals to extend one of Suffolk’s best-loved tourist attractions are set to get the go-ahead, despite opposition from community leaders.

Dogs, search and rescue teams and members of the public are combing a vast area of woodland, forest and farmland around Barton Mills today as the hunt for Corrie McKeague continues.

Ed Sheeran was reunited with his “best mate growing up” in Suffolk when he appeared on BBC’s Graham Norton Show.

Proposals to double beach hut rents have been labelled as “completely unfair” and “a tax on Felixstowe”.

Wealthy landowners in Suffolk and Essex are set to share in a £500million EU farm subsidies boost due to the devaluation of the pound following the Brexit vote.

Last night was the coldest in four years in parts of Suffolk and Essex, according to forecasters.

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24