A POPULAR bar chain with 21 locations is set to bring down the shutters on four sites for good in a huge restructure.
In a bid to boost finances the company said it will be focusing on its best performing venues instead.
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Simmons Bars has venues across London and one in Manchester, offering cocktails, brunches and karaoke at 21 locations overall.
The popular cocktail bar chain has completed a “strategic restructuring process” and has shut four of its venues in the process.
It is not yet known which locations will be affected.
Nick Campbell, who founded the company in 2012, said the move would “streamline its portfolio and strengthen it’s financial position”.
In addition to the four site closures, Simmons has also secured additional funding to support future expansion.
Commenting on the decision, Campbell said: “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.”
It will be business as usual for the remaining venues which will continue to operate “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,” Campbell said.
He added that the company will continue to “explore opportunities for expansion” with potential sites mooted for cities outside of London.
It was only in May 2023 that Campbell said the chain was planning to open its 26th location in Hoxton, with four further sites planned at the time.
As it stands, the company currently operates 21 locations.
The chain reported a marginal increase in turnover from £28 million in 2023 to £28.6 million in the year to 31 March 2024.
Simmons has prided itself on being able to maintain trading levels despite strong headwinds.
But the bar says that it’s younger 20-30-year-old customer base has been disproportionately impacted by the cost-of-living.
While persistent inflation has put additional pressure on the company’s finances.
Their location in Manchester’s Deansgate, its first venue outside London, was trading “ahead of expectations and budget” but headwinds showed “signs of softening,” according to their accounts.
Simmons isn’t the only bar chain to close down some of its venues recently due to financial pressures.
The Sun reported this month how Brewdog is set to shut ten bars across the UK.
The locations of the affected bars include two in Scotland and eight in England.
A statement from CEO James Taylor was posted on the shareholders’ forum announcing that closures come as part of a “strategic review”.
He explained that the firm has “faced continued challenges” in the UK, including “rising costs, increased regulation, and economic pressures” which have resulted in the closures.
