Simmons’ parent company Nightlight Leisure, its subsidiaries and assets were acquired on 23 July by a newly incorporated company with a common director and shareholders in Nick Campbell and and Lonsdale Capital Partners, an administrators’ report has revealed.
Filings to Companies House suggested the newly incorporated purchaser is East Street (Top Co) Ltd.
Mission Mars director Roy Ellis, who also founded Revolution Bars Group, is listed as a director of East Street, having originally joined Simmons as chairman in 2018.
The transaction preserved the jobs of 256 employees, while 30 people were made redundant.
Seven leases were not part of the transaction, leaving the group with 16 bars.
It was previously reported four sites had closed as part of the restructure, with the additional three having already shut before the group entered into administration.
The sale resulted in financing from bank lender OakNorth worth £5.6m being repaid in full.
Administrators from Kroll Advisory’s restructuring team were appointed on 23 July.
A report from Kroll detailed how Simmons was founded in 2015 and operated a chain of 21 bars, with one in Manchester and the rest in central London.
Additional finance
Employing 300 people, Nightlight Leisure was the key operating company, with SPVs (special purpose vehicles) set up when new sites were opened, with property leases held in those SPVs.
In 2018, Lonsdale become a majority investor in order to help fund the group’s growth plan, including opening additional sites.
Two years later, in 2020, following the impact of the pandemic, the group raised additional finance from OakNorth.
In recent years, the group experienced a downturn in trading, caused by a combination of macroeconomic factors.
Several sites became lossmaking, resulting in the closure of an unspecified number of sites in 2024, and two more in 2025.
Cashflow was severely impacted by the continued challenging consumer environment post-Covid, as consumers shifted away from drinking culture to more health-conscious lifestyles.
There were also increased inflationary pressures and overhead costs.
Despite positive EBTIDA of £2.4m and revenue of £24.9m in FY25, the business faced cashflow issues in the beginning of 2025.
Accounts revealed the group made a loss of £2.85m in the 12 months to March 2025.
The business approached HMRC with a time to pay (TTP) request in early 2025 in order to spread the repayement of VAT liabilities of £540k.
Lonsdale contacted Kroll’s M&A team seeking advice and were referred to the firm’s insolvency and restructuring team.
The board agreed to carry out a viability assessment for a CVA (company voluntary arrangement) and assist with cash flow monitoring.
Streamlined portfolio
However a CVA was considered a risk in terms of achieving the statutory voting threshold to approve it.
Following an exploration of options, it was decided an accelerated merger & acquisition (AMA) process was the only viable course of action for the group.
Alongside OakNorth, Lonsdale was the group’s other secured creditor, which had a fixed and floating charge worth £15.2m over all property.
According to a statement released by Simmons, Lonsdale remains an investor in the business and has injected new funding into the group following the deal.
Filings at Companies House also indicate Robus Capital Management has ’significant control’ in East Street (Top Co) Ltd as of 24 July 2025.
Secondary preferential creditor claims are estimated to be around £850k, though HMRC has yet to submit a claim. Unsecured creditors total around £1.6m.
Kroll said there is unlikely to be a distribution to the secondary preferential or unsecured creditors.
Kroll’s administration fees are estimated at £858k, plus £124k in expenses.
Following the restructure, Simmons founder and CEO Nick Campbell said in a statement: “Simmons Bars has completed a strategic restructuring process, supported by Lonsdale Capital Partners, designed to streamline its portfolio, strengthen its financial position, and lay the foundation for continued growth.
“As part of the process, we’ve taken the tough decision to exit four leases, allowing management to focus resources on our strongest-performing venues.
“Alongside this, we’ve secured additional investment to support future expansion and operational improvements across the estate.
“The business continues to trade as normal, with all of our retained sites operating without interruption. As always, we remain committed to delivering the unique, value-driven, high-energy customer experience we’re known for and look forward to a positive end to 2025.
“We plan to continue exploring opportunities for expansion in the market, including potential sites in key UK cities outside of London.”
- This story was originally published in the Morning Advertiser’s sister publication MCA here.
