Nightclub operator Deltic rescued by Danish bar group, saving 1,300 jobs
Nightclub operator Deltic, which owns the Pryzm and Atik chains, has been bought out of administration by Danish group Rekom, in a deal that is expected to save more than 1,300 jobs.
Around 10 Deltic venues are expected to close, while 42 will reopen when restrictions on nightlife are lifted.
Peter Marks, the current chief executive of Deltic, will continue to lead the new organisation following the merger.
Rekom Group, which is backed by Danish private equity firm Catacap and operates more than 130 bars and clubs in Denmark, Finland and Norway, said the acquisition is a “major stepping stone” into the UK nightlife industry.
Rekom Group chief executive Adam Falbert said:”We have been looking at the UK market for the past few years as part of our ambition to become one of the largest pan European night life groups. When the opportunity came to take over a strong and well-run group like Deltic, it was a question of finding the right set-up to make it happen.
“We see a huge potential in the UK market for late night bars and clubs and are certain that the industry will bounce back as soon as Covid-19 restrictions are lifted.”
“When Rekom emerged to buy us out of administration I was really happy,” Marks said.
“We were – through no fault of our own – put in a situation where I was watching our business fall apart. It was having huge personal consequences for our many fantastic employees whom we have had to let go.
“With Rekom we get an owner that knows the industry, who will reopen most of the venues we have had to close down and are ready to invest in developing our position in the UK.