Rekom UK splits from group owner
The firm, which will now be controlled by its main lender ACG, stated its venues and day-to-day operations will not be impacted by the ownership change.
Chief executive officer Russell Quelch will lead Neos while Peter Marks and the existing management team will continue in their current roles.
Quelch said: “We are excited to embark on this new chapter. The team has laid a solid foundation and together with our new owner, we are committee to further developing and growing the business and achieving success across the UK.”
Company history
In February, the assets of Rekom UK were sold for £19.5m in a pre-pack administration process.
The sale involved the transfer of 24 trading locations and almost 1,000 employees to the purchaser, with 19 locations closed and more than 400 staff being made redundant.
Rekom UK filed a notice of intention to appoint administrators to some of its brands in January this year.
At the time, Marks said the move gave the business “breathing space and protection” to work with its lenders, landlords and stakeholders to come up with the best solution from the group.
Extremely difficult
He said: “The past 12 months have been extremely difficult for the late-night sector, particularly affecting some of the larger nightclubs.
“This has been the result of the combination of the cost-of-living crisis that has so badly affected the young adult and student market, together with the cost-of-doing-business crisis.”
Recent figures from the Night-Time Industries Association (NTIA) showed more than 190 night-time economy firms went into administration between April 2023 and March 2024.
NTIA CEO Michael Kill said: “Navigating through highly unstable political climate, we must acknowledge the deteriorating conditions at the coalface of the hospitality and night-time economy sectors and more importantly, the true human impact on people’s livelihoods.
“As industries grapple with escalating expenses, the recent dip in inflation only marginally alleviated the cost burden.”
