Sixes, the cricket-themed bar chain backed by England captain Ben Stokes, has entered administration following a “challenging trading period,” according to administrators. Despite this setback, 14 of its UK-based venues remain operational, with only the Southampton branch closing, resulting in the loss of three jobs.
The announcement comes as administrators from FRP Advisory engage in discussions with several interested parties regarding the potential sale of the business and its strongest-performing sites. This move suggests that further closures could be on the horizon as the company navigates its financial difficulties.
Background and Business Model
Launched in 2020, Sixes combines hospitality with cricket, offering patrons the opportunity to face bowling machines and score runs in a social setting. This unique concept forms part of a broader trend in the hospitality industry, where experiential venues like Flight Club and Boom Battle Bar have gained popularity.
The chain is partially backed by 4Cast, an investment group founded by prominent cricket figures including Ben Stokes, Jofra Archer, Stuart Broad, and Mike Turns. However, the exact shareholding of 4Cast in Sixes remains undisclosed, as the BBC has reached out for comment.
Economic Challenges and Industry Context
The hospitality sector has been grappling with rising costs, including increased business rates and minimum wages, which have put pressure on firms across the UK. This economic uncertainty has led to reduced consumer spending, impacting businesses like Sixes that rely on discretionary income.
“While the business had a core of strongly performing sites, others have struggled amid fierce competition for experiential venues and reduced consumer spending,”
FRP Advisory noted in a statement.
These challenges have prompted concerns within the industry about potential job losses and business closures, as companies strive to manage financial pressures.
Administration Process and Future Prospects
The process of administration aims to rescue companies facing financial distress. When a business can no longer cover its debts or secure additional borrowing, administrators may step in to restructure finances and seek potential buyers. If a rescue is not feasible, liquidation may occur, where assets are sold to repay creditors.
Tony Wright, joint administrator, emphasized the goal of securing the best outcome for Sixes while honoring customer bookings through the Christmas period and beyond. He highlighted the brand’s strong presence in the social entertainment space and expressed optimism about the interest from potential buyers.
“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,”
Wright stated.
Looking Ahead
The future of Sixes hinges on the outcome of ongoing negotiations with interested parties and the ability to stabilize its financial footing. With the right investment and strategic focus, there is potential for the brand to build on its core strengths and continue to thrive in the competitive hospitality landscape.
As the situation develops, stakeholders and customers alike will be watching closely to see how Sixes navigates this challenging period and what the future holds for this innovative cricket-themed chain.
