Georgica has announced that it is making good progress in its search for a buyer for its brands – the Rileys chain of snooker clubs and Tenpin bowling centres – despite a drop in sales at Rileys.

In a statement, Don Hanson, chair, said: “Good progress has been made in relation to the demerger to create two wholly separate businesses – Rileys and Tenpin.

“Discussion are at an advanced stage with parties interested in purchasing and leasing back some or all of our freehold and long leasehold properties.”

Hanson also said trading conditions continued to be tough and Rileys suffered a 4.2 per cent drop in like-for-like sales.