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First Leisure goes into receivership
UK bar and nightclub operator, First Leisure, has gone into receivership.
RSM Robson Rhodes partners, Simon Bower and John Whitfield, have been appointed as joint administrative receivers for the Leicester-based company.
They will be attempting to preserve the business and secure the positions of First Leisure’s 1,600 employees.
The company – which operates 28 nightclubs across England, Scotland and Wales including Equinox in London, and the Creation and Heroes chains – was initially formed from a management buyout in 2000.
However, the company suffered from a combination of poor trading conditions in its nightclubs and the failure of two of its nightclub brands – Brannigans and Springwood – which, although both were sold, had their leases revert back to First Leisure following their collapse.
First Leisure said: “The difficult trading environment was exacerbated by substantial property lease liabilities reverting back to the group, following the failure of Brannigans in 2002 and, more recently, Springwood in February 2004.”
One of the appointed receivers, Simon Bower, said: “First Leisure is the latest casualty of the decline in the nightclub sector. The group has, however, a core business that is essentially sound, around which management has developed sensible plans for the future.”
Bower added: “Our key objectives are to preserve the business and secure the employment of the 1,600 employees. We will be working with management and staff to ensure it is business as usual.”
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