Partly Cloudy

Partly Cloudy

max temp: 29°C

min temp: 17°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

Police crack down motoring offences on the A140 at Stonham Parva.

More than 60 Suffolk motorists are still driving despite having 12 points or more on their licence, according to DVLA figures

Dalian Atkinson playing for Ipswich in 1988. (Photo by Bob Thomas/Getty Images)

An inquest is to be opened today into the death of ex-Ipswich Town footballer Dalian Atkinson after he was shot with a police Taser.

Benefit cheat to be sentenced

A benefit cheat who falsely claimed around £37,000 over nearly 10 years has been told she will be sentenced at Ipswich Crown Court.

Children enjoyed exploring Holywells Park in Ipswich on Monday morning as part of a wildlife workshop, finding out about the reptiles and amphibians that live in the area. Isabelle with a grass snake.

Budding naturalists were on the hunt for reptiles at Holywells Park in Ipswich on Monday - but the elusive animals proved too shy to make an appearance.

Tally Ho Trotters visited the Town Hall ahead of the farewell event

There are just 10 days left before the town’s special guests disappear.

Bill Tancred

Great Britain is now a ‘sporting superpower’ at the highest level, according to Suffolk Olympian Bill Tancred.

There will be no trains between Ipswich and Norwich over the bank holiday weekend.

There will be no trains between Ipswich and Norwich over the bank holiday weekend because Network Rail is replacing a bridge on the outskirts of Norwich.

Mid Suffolk District Council in Needham Market.

A former care home in a Suffolk town could be demolished and converted into more than 30 flats.

Coach Laura Johnson (middle) with the new team. Christchurch Ladies have completed a merger with Grasshoppers Ladies Hockey Club.

The effect of Team GB’s incredible success on the hockey field in Rio is already being felt in Suffolk, where the next generation of talent last night began preparing for a new season.

Stephen Cook of Churchgate Books

Have changing fashions doomed the traditional second-hand book shop, or has the rise of the internet just meant people have to move with the times?

Most read

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Newsletter Sign Up

MyDate24 MyPhotos24