Fri 3rd May 2024 - Exclusive: Rekom UK separates from Rekom Group and renames Exclusive – Rekom UK separates from Rekom Group and renames: Rekom UK, the nightclub and bar operator, has separated from its owner, the Danish Rekom Group, and will be controlled by its main lender, ACG/Axiom Group, Propel has learned. Rekom UK will be renamed and trade as Neos Hospitality. The venues and day-to-day operations will not be affected by the change in ownership. Neos will be led by chief executive Russell Quelch. Peter Marks and the existing management team will continue in their current roles. Quelch said: “We are excited to embark on this new chapter. The team has laid a solid foundation and together with our new owner, we are committed to further developing and growing the business and achieving success across the UK.” Marks told Propel: “This will enable more investment to be put into the UK business, without Rekom Group ramping up its debt in the UK. It’s the right thing to do for the UK and the right thing for our friends on the other side of the North Sea. This deal will allow us to expand our portfolio as well as refurbish our current estate, where we do need to make some investment. We would like to thank the team in Denmark for everything it has done. It has been really supportive of our business in the UK, which in the last 12 months has seen unprecedented changes in the late-night sector. In what have been very turbulent times with the cost-of-living crisis and rising interest rates, Rekom Group has been extremely supportive and we wish the team well.” Rekom UK was acquired out of administration in February for circa £19.5m, which included the rolling over of circa £19m of debt owed to Axiom. The company’s remaining estate comprises 23 venues, including ten bars and 13 nightclubs. Neos operates two sites under Proud Mary’s – in Cardiff and Swansea – and two under Heidi’s Beer Bar – in Birmingham and Cardiff – and both brand names belong to Rekom Group. Marks confirmed the Proud Mary’s and Heidi’s Beer Bar brands will continue as part of the company and the group will continue to explore opportunities to expand its bar portfolio. Marks also told Propel that Neos was “not part of the process for Revolution Bars Group”. He said: “We’ve got enough to concentrate on with our own business at the moment.” Neos Hospitality features in the Who’s Who of UK Hospitality, which is one of six databases exclusive to Premium Club members. The latest edition included 865 companies and more than 233,000 words of content. There were 65 updated entries and seven new companies. The companies, listed in alphabetical order, have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Email kai.kirkman@propelinfo.com today to sign up.