Sale of Rileys Sports Bars to Weight Partners Capital
The Joint Administrators of Rileys have confirmed the sale of its business and assets to the private equity firm Weight Partners Capital. Under the sale, the remaining 43 sites that have been traded by the Joint Administrators since their appointment on 15 September, together with the head office function, have been transferred into the new ownership, securing 366 jobs. Additionally, one more site in Bristol has been sold in a separate deal as a going concern, preserving a further seven jobs.
Plan to invest
A spokesman for WPC, which specialises in investing in the consumer and healthcare sectors, said: “We are very pleased to have acquired the 43-site Rileys Sports Bar business out of administration. All sites will continue to trade going forward, safeguarding 366 jobs. We plan to invest in the business to improve the amenity levels and customer proposition within the portfolio.
“Operational management and back office support services are being provided by LT Management Services, which currently operate approximately 1,000 pubs, bars and restaurants nationwide. LT has traded the 43 Rileys sites profitably whilst in administration and the business is now well positioned for the future. LT will draw on its industry expertise and purchasing scale to further improve the Rileys offer for customers.”
Saves a historic brand
Rob Harding, Joint Administrator, commented: “We are delighted to have completed the sale to Weight. The sale of the restructured portfolio preserves 366 jobs, saves a historic brand in the leisure industry and provides a solid financial footing on which the business can be taken forward. We wish the Weight and Rileys teams every success and I would like to thank in particular the staff, suppliers, landlords and LT Management Services, who have been operating the sites for us, for their support in making this deal possible.”
Rob Harding and Ian Wormleighton, restructuring partners at Deloitte, were appointed Joint Administrators to Rileys Sports Bars Limited on 15 September 2014. On appointment, Rileys operated 59 sites, of which 15 have closed, while the remaining 44 sites were traded by the Joint Administrators. Rileys will continue to be the operator of multi-leisure sports venues, specialising in snooker and pool as well as offering darts, bingo and screen sports.
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