Big Beat calls in receiver as Home loses its licence

Pub, club, restaurant and hotel group Big Beat has gone into receivership after Home, its flagship London nightclub, had its licence revoked following allegations of drug dealing.

Glasgow-based Big Beat operates 23 licensed premises, including businesses in London, Nottingham, and Sydney, Australia. It employs about 400 staff and has a turnover of about £26m.

Receivers at KPMG said in a statement that the receivership had been triggered by the revocation of the public entertainment licence for Home, in Leicester Square.

"This severely curtailed the trading position of the venue which, given the investment at this location, resulted in cash-flow difficulties across the group," they added.

Receiver Blair Nimmo, of KPMG's Corporate Recovery division, said each of the premises would continue trading while a buyer or buyers were sought. "We are confident of a significant level of interest in the business and assets," he added.

Westminster Council revoked Home's music and dancing licence with immediate effect on 30 March after an emergency session of the council's licensing sub-committee.

An undercover police operation had found open drug dealing on the premises, it said.

by David Shrimpton