Social cricket-themed bar chain goes into administration | EUROtoday

Sixes, the cricket-themed social chain backed by England captain Ben Stokes, has gone into administration following a “challenging trading period”.

All of the corporate’s 15 UK-based venues stay open, however one department in Southampton has closed following the choice, with three workers members dropping their jobs.

Administrators FRP Advisory mentioned talks have been underneath manner with a “number of interested parties” a couple of sale for the enterprise and its strongest-performing websites, suggesting another closures might occur.

Tony Wright, joint administrator, mentioned the precedence was to “secure the best outcome for the business” whereas honouring buyer bookings “through the Christmas period and beyond”.

Sixes, which was launched in 2020, is a sequence that mixes hospitality with cricket. It hosts events through which folks face bowling machines and attempt to rating as many runs as potential.

It is a part of the same social leisure strategy supplied by rivals together with Flight Club and Boom Battle Bar, and is backed partly by 4Cast, an funding group based by Stokes, present and former England bowlers Jofra Archer and Stuart Broad, and former participant turned agent Mike Turns.

Sixes entered administration final week, earlier than England misplaced the Ashes following defeat within the third check match towards Australia in Adelaide.

It is just not recognized how large a share 4Cast, which injected money again in 2023, has in Sixes. The BBC has contacted 4Cast for remark.

FRP Advisory mentioned whereas the enterprise had a “core of strongly performing sites, others have struggled”, amid “fierce competition for experiential venues and reduced consumer spending due to economic uncertainty”.

It mentioned in addition to the Southampton department which had closed, its remaining venues and franchises would stay open and all bookings can be honoured via the festive interval.

The important job of administration is to attempt to save the corporate.

When companies are dropping cash, they could borrow some to pay payments, nevertheless, if an organization can’t pay its money owed or borrow any more money, a group could also be introduced in to take over from the administration and type out the funds – the method often called administration.

If a enterprise can’t be saved, the corporate’s belongings could also be offered in order that a number of the borrowed cash could be repaid, which is named liquidation.

The hospitality business has raised considerations over larger prices dealing with corporations, together with enterprise charges and minimal wages, arguing it might result in jobs losses and companies folding.

Mr Wright mentioned Sixes had “built a strong brand in the social entertainment space with its unique venues proving very popular with customers”.

“While some locations have struggled in an increasingly competitive market, the business has significant potential, and we’re encouraged by the early interest we’ve received from parties interested in acquiring the brand and its strongest-performing sites,” he added.

“We’re confident that with the right investment and focus, Sixes can build on its core strengths.”