Banquet Records speak on future of Kingston Pryzm after news of owners entering administration

Banquet Records have shared a statement on the future of Kingston Pryzm after news of the company’s owners entering administration.

• READ MORE: 2023 was “worst year for venue closures” while “no one in music industry seems to care”, says MVT

This week, it was revealed that Rekom UK, which owns the Pryzm and Atik brands, has called in administrators due to higher bills amid the ongoing cost of living crisis.

In recent years, Banquet have held hundreds of ‘outstore’ gigs at Pryzm nightclub, hosting the likes of Billie Eilish, The 1975 and Boygenius in an intimate setting. Upcoming gigs include Future Islands, Yard Act and The Last Dinner Party.

After many fans flocked to ask for news on the possible future of Banquet gigs at Kingston Pryzm, the store took to social media to give fans an update.

many of you have been in touch about the news of Rekom (which owns Pryzm) looking to call in the administrators. we know the Kingston venue means a lot to you too.

we're up to speed and were expecting something along these lines. for now it's business as usual for us, at what is… https://t.co/N1l0KcIt3P

— Banquet Records (@BanquetRecords) January 16, 2024

“Many of you have been in touch about the news of Rekom (which owns Pryzm) looking to call in the administrators,” they said. “we know the Kingston venue means a lot to you too.

“we’re up to speed and were expecting something along these lines. for now it’s business as usual for us, at what is a profitable Pryzm.”

They concluded and warned: “while we prudently investigate plans B and C but it’s a further reminder on nightclubs – like record shops, gig venues, skate shops, books shops and so on – use them, or lose them.”

Peter Marks, chairman of Rekom UK, said the notice would give the company “breathing space and protection” to work with lenders, landlords and other stakeholders on a potential restructuring plan.

The statement added that costs had increased, and predicted further difficulties in the future after a rise in the minimum wage during the government’s latest autumn statement.

Last month, figures from the UK grassroots live music scene spoke to NME about how 2023 was the “worst year for venue closures”.

A report in August, meanwhile, revealed that over 100 independent nightclubs across the UK had been forced to close down over the previous 12-month period. The decline of such establishments was predicted to be largely due to the ongoing cost of living crisis.

The post Banquet Records speak on future of Kingston Pryzm after news of owners entering administration appeared first on NME.