Deltic, the UK’s largest operator of late-night bars and clubs, has been bought out of administration by Rekom UK, the British subsidiary of the Nordics’ largest nightlife group.
The deal will see Rekom takeover 42 bars and pubs across the UK, possibly saving over 1,300 jobs in the process.
Rekom UK is set to fully merge with Rekom Group once Covid-19 restrictions begin to be lifted, therefore joining the 130 bars and clubs across Denmark, Finland, and Norway that it currently operates.
The group, who is backed by the Danish private equity firm CATACAP, sees the acquisition of Deltic as a stepping stone to becoming one of the “largest pan European” nightlife groups.
Adam Falbert, CEO at REKOM Group, said: “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.”
A part of the transaction will see Peter Marks, CEO at Deltic, retain his position, and will now take on the role of CEO at REKOM UK.
Speaking on the acquisition, he said: “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.
“So, with that in mind it was an easy choice to say yes to become part of the future of REKOM.”