The main job of administration is to try to save a company.
When businesses are losing money, they may borrow to pay bills, however, if a company cannot pay its debts or borrow any more cash, a team may be brought in to take over from the management and sort out the finances – the process known as administration.
If a business cannot be saved, the company’s belongings may be sold so that some of the borrowed money can be repaid, which is known as liquidation.
The hospitality industry has raised concerns in recent times over higher costs facing firms, including business rates and minimum wages, arguing it could lead to jobs losses and businesses folding.
Mr Wright said 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.”