Nightclub group Deltic on brink of administration as buyers circle group
The group, which owns the Pryzm and Bar & Beyond brands and employs more than 1,000 people, has been battling to secure a rescue deal having announced its intention to sell in October.
Over the last few weeks, private equity firms Greybull Capital and Aurelius emerged as interested parties in the group, but Scandinavia bar operator Rekom Group has since come to the fore as the preferred bidder to buy Deltic through a pre-pack administration.
It’s understood that any deal could see the permanent closure of some of its 52 sites.
The news comes after leaders from across the late-night sector met with Business Secretary Alok Sharma at the end of November in an attempt to secure a lifeline for the sector.
Operators including Deltic, Fabric and Revolution have found themselves staring into the abyss as a result of the Covid crisis, which has forced many businesses within the night-time economy to remain closed since the original national lockdown back in March.
Last month the Night Time Industries Association (NTIA), which represents 1,200 independent bars, clubs and live music venues across the UK, said it feared nightclubs will become 'extinct' in UK culture as businesses continue to face no roadmap for reopening and growing financial pressures.
It claimed business owners within the night time economy are 'frustrated and angry' at being forced to remain closed despite working within the Government guidance and 'many' are now considering taking legal action.
