ICSM Business – Hospitality Insolvency News: Rekom in trouble as it shuts down 17 nightclubs including Pryzm in Leeds
By Harry Mottram: One of the UK’s largest night time economy businesses is in financial trouble as customers stay at home or curtail their nights out. Rekom UK – the ownere of Pryzm and Atik night spots has shut down 17 of its night club venues after it went into administration last month.
Peter Marks, chairman of Rekom UK, said: "We were unable to reach an agreement with our landlord and have been forced to hand back the lease of Pryzm Leeds. Sadly, this means the club has closed and our team has been made redundant. This outcome follows an extremely difficult period for the late-night sector, thanks to the combination of the cost-of-living crisis hitting younger generations and students particularly hard, as well as the rising national living wage alongside increased business rates and costs of operating."
Ian Carrotte of ICSM - the business membership group dedicated to fighting bad debts and late payers with many members involved in the hotel, hospitality and holiday sectors – said: “We understand that north of 450 jobs will go with Pryzm night clubs – in my day we called them discos – in Birmingham, Leeds, Nottingham, Portsmouth, Plymouth and Watford are shuttered while the Atik brand of clubs are also going.
“At ICSM we are concerned for the suppliers who may not get the cash they are owed – while the staff will be wondering about their jobs and pay.”
It is another knock-on effect of the Cost of Living Crisis as wages are squeezed by the cost of borrowing, higher energy prices and inflation eating into pay packets and household budgets. Some commentators have noted the huge TV audiences for the BBC’s The Traitors in January and Mr Bates V The Post Office on ITV are in part due to younger people staying in to save cash.
CC Stim UK Topco Limited and six other companies within the Rekom Group, entered administration on 1 February 2024. Dina Kovacevic writing for Insolvency Insider reported: “Immediately on the appointment of Jon Roden, Rob Parker, and Helen Dale of Grant Thornton UK as joint administrators, 11 sites were sold to new owners. A further 23 sites comprising 10 bars and 13 nightclubs will remain open, while 17 sites, including six Pryzm and four Atik nightclubs, will close after the group failed to find a buyer to take them on. Efforts have been made to redeploy affected staff, and the group’s chairman Peter Marks said that 1,000 jobs have been saved. Unfortunately, approximately 471 jobs across the group have been lost as a result of the restructuring. Airline Capital Group has a registered charge against the companies.”
Recent casualites in the hospitality, holidays, trave and hotel sectors:
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PURE CRAFT BARS LIMITED 08022243
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ASRAR LTD 07380210
BIRCH HOSPITALITY LIMITED 11725651
BIRCH HOTEL GROUP LIMITED 11720609
BIRCH HOTELS LIMITED 11725701
BRADLEYS COFFEE SHOP LIMITED 09674141
BROADLEYS BISTRO & WINE BAR LIMITED 10920102
COLLIERS WOOD SPICE LTD 10407307
ELEGANT ADDRESS SOUTH OF FRANCE LIMITED 05931566
INDEPENDENT SPANISH RESTAURANT COMPANY (WEST) LIMITED 12362311
INSPIRATION TOURISM & CONSULTANCY LTD 11429565
THE CENTRE FOR JEWISH LIFE LTD 06239129
THE PORTLAND HOTEL ASHINGTON LTD 14056923
THE ROWLEY BAR AND GRILL LIMITED 08874396
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BEULENE GROUP LIMITED 11988492
BIRCH HOSPITALITY LIMITED 11725651
BIRCH HOTEL GROUP LIMITED 11720609
BLACKS LIMITED 02721400
BOWENS COACH HOLIDAYS LIMITED 08292588
CANDYPANTS EVENTS LIMITED 07174759
CEDAR ST CAPITAL 2 LIMITED 12213138
CARLTON MANOR COUNTRY PARK LIMITED 10649184
CARDWELL LEISURE LTD 12174263
CHURCH MEADOW YORKSHIRE LTD 11400943
CUPOLA COUNTRY PARK LIMITED 09831948
DA MERCI LTD 07869470
DALES VIEW PARK LTD 01682771
DOLPHIN RIVER COUNTRY PARK LIMITED 11796042
ELITE PANTOMIMES LIMITED 12378286
FALCON PARK LIMITED 11156793
FOREST COUNTRY PARK LIMITED 09831926
HANISON HOSPITALITY LTD 12455677
HARVEY'S NURSERIES PARK HOME ESTATE LIMITED 08646177
HASGUARD CROSS COUNTRY PARK LTD 11393325
HELLWELL BAY COUNTRY PARK LIMITED 11795783
HH COUNTRY PARK LIMITED 10649156
HEYFORDIAN TRAVEL LIMITED 01187887
HV PARKS LIMITED 12842446
INSPIRATION TOURISM & CONSULTANCY LTD 11429565
MEDINA COUNTRY PARK LIMITED 09634465
NEW WALK ORCHARD PARK LIMITED 10066396
NORFOLK CARAVAN PARK LTD 11164405
OUTHILL COUNTRY PARK LIMITED 11899008
RAPHAEL HOSPITALITY LTD 11360898
RIVERDALE COUNTRY PARK LIMITED 09831988
SUN-VALLEY PARK CORNWALL LTD 11164182
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THE GRANGE PARK SUFFOLK LIMITED 07561010
THE OSTRICH INN (CASTLE ACRE) LIMITED 07481160
TIME GB (EA) LIMITED 09725729
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STUDLANDS ESTATES LTD 10467012
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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com
