First Leisure, the nightclub operator, which fell into receivership earlier this year, has been saved by a management buyout by seven of its former executives.

The company went into receivership in May, although all venues continued to trade until the MBO deal was announced on 30 June.

John Smith, formerly chief executive of First Leisure, led the management team involved.

Smith said: “We have now acquired some of the top nightclubs in the UK, located in some of the best cities and towns.

“More importantly, working in these venues are 1,600 very talented and capable people who, over the past 12 months, have demonstrated that they can provide quality service to an ever-demanding and sophisticated audience.”

The new entity was named The Night Club Company and will continue to trade from the former First Leisure offices in Leicester.