Sheffield bars: Boss of collapsed IPM Group unveils plans for three new venues in city

Rick Bailey, chief executive of IPM Group, said he hoped to launch a ‘premium cocktail bar with chef counter-style kitchen’ in New Era Square in September, plus two more this year.

The announcement comes days after the company called in administrators who arranged a ‘pre-pack deal’ allowing it to shed debts and continue operating.

Accounts filed in January state in June 2023 it owed £3.1m to creditors.

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Intelligent Protection Management Group, of Westthorpe Fields Road, Killamarsh, employs 200 in South Yorkshire and more than 3,000 casual stewards and security staff nationally. It also owns £1.7m Panenka Bar & Grill in New Era Square, FirePit Rocks on West Street and helped with the relaunch of Silversmiths Restaurant in the city centre.

In a statement posted online, Mr Bailey, said it was “business as usual” following a “strategic group restructure.”

He blamed the collapse on forced closures during the pandemic and being “unable to agree a sensible payment plan with our biggest creditor, HMRC.”

The statement adds: “Our strategic group re-structure – which involved investment from personal assets and other business entities – has ensured all suppliers and every single job have been secured.

“This has resulted in the group being in a fantastic position as we gear up for 30 per cent growth in the security and stadia industry, while our leisure group is expected to grow more than 100 per cent this year with three new venues opening later this year.

“As I look forward, I’m proud to say the group I started from nothing will continue to grow and thrive, and I am very excited for the future growth of the business as we create more jobs going forward.”