A snooker club has been saved from closure after its owners went into administration earlier this week. Rileys Ltd, owners of Rileys Snooker, Pool and Poker Club in Letchmore Road, Stevenage, has been sold to Valiant Sports Ltd for an undisclosed sum by a
A snooker club has been saved from closure after its owners went into administration earlier this week.
Rileys Ltd, owners of Rileys Snooker, Pool and Poker Club in Letchmore Road, Stevenage, has been sold to Valiant Sports Ltd for an undisclosed sum by administrators Ernst & Young LLP.
Valiant Sports Ltd will be closing 30 clubs at 159 Rileys sites nationwide but the Stevenage site will remain open.
Joint Administrator, Simon Allport, commented: "The companies have been experiencing tough trading difficulties due to a downturn in trade and a heavy debt burden and were unable to trade outside of administration. Fortunately we have been able to secure a deal, which means 129 sites will continue to trade and the brand and 1,200 jobs will be preserved.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here