CC Stim UK Topco Limited and six other companies within the Rekom Group - Administration

CC Stim UK Topco Limited and six other companies within the Rekom Group, the UK’s largest nightclub operator, entered administration on 1 February 2024.

The group has faced an extremely difficult period due 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.

Immediately on the appointment of Jon Roden, Rob Parker, and Helen Dale of Grant Thornton UK as joint administrators, 11 sites were sold to new owners. A further 23 sites comprising 10 bars and 13 nightclubs will remain open, while 17 sites, including six Pryzm and four Atik nightclubs, will close after the group failed to find a buyer to take them on.

Efforts have been made to redeploy affected staff, and the group’s chairman Peter Marks said that 1,000 jobs have been saved. Unfortunately, approximately 471 jobs across the group have been lost as a result of the restructuring.

Airline Capital Group has a registered charge against the companies.