10 December 2020
Deltic has filed a notice of intention to appoint administrators as it fails to get a rescue deal. The notice of intention gives the company 10 days to either be sold or closed. 1500 jobs at the night clubs Pryzm and Atik are under threat.
19 November 2020
Nightclub group Deltic has warned landlords that the company face collapse if a sale is not agreed rapidly.
A letter was sent to warn landlords, which mentioned a rent-free deal, lasting several months was needed. It was in fact deemed essential being that ''no interested party is prepared to proceed and accrue a rental liability without the knowledge that long term occupation of the property can be secured''.
9 November 2020
Today we hear that Deltic Group has asked for all bids to be on the table as soon as this Thursday.
This comes as it seeks emergency funding to keep it afloat.
14 October 2020
According to Sky News, Deltic Group, which owns the Atik and Pryzm chains, has asked the accountancy firm BDO to find new investors who could help avert its potential collapse.
Pryzm and Atik nightclubs employ 2000 people and have 52 venues UK wide. Due to the pandemic it has not been able to operate and is facing a cash crunch. Staff will have been furloughed and rent and rates are not due but ultimately need to be paid.
In a statement issued to Sky News, a Deltic spokeswoman said: "The unprecedented impact of the COVID-19 pandemic on the UK's late-night sector has been well-publicised''.
"Deltic's board of directors is working with advisers BDO to assess all options available to the company, including the possibility of bringing in new equity partners.''