Administrators of the UK’s largest nightclub operator have appointed CAPA to audit the group’s sites, after more than 1,000 jobs were saved at the business in a last-minute rescue deal.
Partners from the business restructuring practice of BDO appointed CAPA after securing a deal to rescue The Deltic Group, which had been struggling during the pandemic, by selling it out of administration. The group was sold to REKOM Group, the largest nightclub and bar group in the nordics, in a transaction that saved over 1,300 jobs across Deltic.
During the pandemic, The Deltic Group had not been able to generate revenue while rent and tax debts had built up. The company had been looking for investment as working capital began to run out, and ultimately Ryan Grant and Lee Causer of BDO were appointed administrators in December.
Immediately after their appointment, they were able to sell the group to REKOM, in a pre-pack administration that saved the company.
BDO has now appointed CAPA to conduct a rates audit of 55 bars, clubs and offices the business occupied and operated. This means CAPA’s audit team will now use bespoke software to conduct a forensic analysis of all business rates paid out across those sites.
The team will inspect the information to discover if any ‘overspend’ can be recovered for the business on a no-win no-fee basis.
