Bar and Beyond in King’s Lynn shuts with immediate effect after company within Rekom Group goes into administration
A popular nightclub and bar has shut its doors after the company that owns it went into administration.
A short time ago, Bar and Beyond on Lynn’s Norfolk Street shared an announcement on Facebook that said it would be among 17 sites owned by companies within the Rekom Group that would be closing with immediate effect.
The weekend hotspot venue first opened in March 2017 after a £450,000 investment with 10 booths, three bars, and an outside terraced area – replacing the former Chicago's site.
The Rekom Group – which operates nightclubs, bars, and pubs across the country – said in the statement: “The companies have faced challenging trading conditions due to the cost-of-living crisis, resulting in increasing cash flow pressure and a decline in trading performance.”
It added: “Following a review of the business it is with regret that we now announce the closure of 17 sites with immediate effect.
“Those staff affected by today’s announcements have been briefed. Working closely with the Redundancy Payments office, we will be providing support to those affected.”
Grant Thornton UK LLP has been appointed as administrators to seven companies in the UK within the Rekom Group.
Norwich Bar & Beyond is owned by a company that is not in administration and will continue to operate, meanwhile the future of Vinyl in Cambridge – and 10 other UK sites – is secure after being sold.
Peter Marks, chairman of Rekom UK, said: “We have made every effort to redeploy staff across the business where possible and we’re pleased to have saved around 1,000 jobs.
“Regrettably, however, the reduced estate meant it was inevitable that we would have to make some redundancies.
“We have informed all colleagues within the organisation of the unfortunate developments that have taken place over the last 18 days.
“The outcome follows an extremely difficult period for the late-night sector, thanks to the combination of the cost-of-living crisis hitting younger generations and students particularly hard, as well as the rising National Living Wage alongside increased business rates and costs of operating.”
And Jon Roden, restructuring partner for Grant Thornton UK LLP, said: “It is with regret that despite an extensive marketing and sale process prior to the administration and the best efforts of the directors and the company’s advisors, no interested parties have been identified for a number of sites.
“Accordingly, the administrators have had to close 17 sites because the commercial prospects of the affected businesses render them unviable to continue to operate resulting in approximately 471 redundancies.
“The Grant Thornton team will work with the employees affected to support them through this process.
“We are pleased to report that we have been able to sell 11 sites immediately on appointment to Rekom that has preserved approximately 500 jobs, as well as further jobs secured through the solvent sale of two trading companies.”