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A COCKTAIL chain has fallen into administration, with four sites shutting their doors for good.
Simmons has appointed advisory firm Kroll to oversee the administration, company filings show.
In its most recent audited account the company posted a loss of £749,000 for the year to end March 2024, reversing a profit of just under £2million the previous year.
Last week Simmons revealed plans to close at least four sites to focus on its best performing venues.
The chain has venues across London and one in Manchester and offers cocktails, brunches and karaoke at its 21 locations.
Last week Nick Campbell, who founded the company in 2021, said the move would “streamline its portfolio and strengthen its financial position”.
He said: “As part of the process, we’ve taken the tough decision to exit four leases, allowing management to focus resources on our strongest performing venues.
“Alongside this, we’ve secured additional investment to support future expansion and operational improvements across the estate.”
Tough times for UK pubs
Many of Britain’s pub and bar chains are feeling the impact of the pandemic and cost of living crisis.
The hike in costs of every day goods has meant that punters have less money to part with at the till.
Meanwhile, hikes to employers’ National Insurance Contributions that were introduced in April have piled further pressure onto businesses that are already struggling.
Last month The Coconut Tree announced that it would be wound down after defaulting on its Company Voluntary Agreement (CVA).
The Sri Lankan restaurant group entered into the agreement last July, according to a report in Restaurant Online.
As a result, the group was required to initially repay £27,000 a month for the first three months.
Meanwhile, Oakman Inns & Restaurants fell into administration, with six sites shutting their doors for good.
It will see a total of 19 sites either sold or closed for good.
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