Rileys hires FRP to assist with rescue plan

Katharine Hidalgo
06 July 2020

Tweet
Facebook
LinkedIn
Google plus
Send to

FRP has been hired by sports bar chain Rileys to assist in developing a rescue plan for the company, according to reports.

A notice of intent to appoint administrators has been filed, which gives Rileys 10 days to create a different plan, according to a report by the Sunday Telegraph.

Rileys CEO Craig Mayes confirmed the appointment of FRP to examine options, and said the business is preparing to reopen its sites in the next few weeks.

Kester Capital and Harwood Private Equity engaged in a management buyout for the company in 2007.

In March 2009, Greenhill Capital Partners and JO Hambro Capital Management wrote off their stake in Rileys as the company went into liquidation.

The company was bought out by private investors in 2012 and was put back into administration in 2014.

In 2014, Rileys was sold to Weight Partners Capital.

Rileys, which employs 240 people, generated £10.3m in turnover in 2018 and made a £3.7m loss, according to Companies House filings. Based in Milton Keynes, the company, in its current structure, was incorporated in 2014.