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Last modified on Fri 11 Dec 2020 00.30 EST
The UK’s largest nightclub operator, Deltic Group, is on the brink of administration as it battles to secure a rescue deal.
The group, which employs just under 1,500 people and runs 52 bars and nightclubs, including the Atik, Pryzm, eden and Bar&Beyond chains, has been seeking new investment since October after months of enforced closures under government measures to control the coronavirus pandemic.
But Deltic has now filed a notice of intention to appoint administrators, a legal measure that provides protection from creditors for 10 working days.
The Scandinavian firm Rekom, which runs more than 100 bars and nightclubs across Denmark, Norway and Finland, and Greybull Capital, a private equity firm that has previously backed ailing companies including Monarch Airlines and British Steel, are both in the running to buy out Deltic, but any deal is expected to involve administration.