BusinessCompany NewsSports Café enters administration

Sports Café enters administration

Bankers decline extension of facilities to London sports bar chain, leading to appointment of administrators

Sports Café Holdings announced appointment of administrators Baker Tilly
after the group’s bankers confirmed that they could not provide further
facilities, leaving the group with more than £10m in debt.

The chain’s shares on AIM have now been suspended.

The group’s administrators, Bruce Mackay and Alan Lovett of Baker Tilly
Restructuring and Recovery LLP intend to keep the business trading until further
notice.

The group began talks with bankers for an extension of banking facilities
before the weekend, due to poor trading over the festive period and a slow start
to the New Year.

In November the group also warned that 2007 profits would not meet market
expectations, although it hoped for an improved performance this year.

Further reading:

Is
the game over for Sports Cafe?

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