Pryzm Portsmouth: Residents "saddened" by city's nightlife "decline" as club could follow Eden and close down

Rekom UK, which owns Pryzm in Stanhope Road, announced it had brought in administrators earlier this week as part of a major restructure. The company is seeking financial assistance and said the late-night sector is suffering from extreme cost of living crisis pressures after an "extremely difficult" year.

The company runs roughly 35 clubs and 12 late-night bars across the country, including Switch in Southampton and Cameo in Andover. A notice of intention to appoint administrators for a number of companies within the group was filed last week. As previously reported in The News, Peter Marks, chairman of the firm, said the “notice of intention” gives the business “breathing space and protection” to work with lenders, landlords and other stakeholders on a potential restructuring plan.

Rekom said recent trade has been particularly impacted by the heavy toll of the higher cost of living on young adults and students who regularly use its venues. Huge sums also had to be gathered by the company following the rise of the minimum wage. Pryzm is not the first business nightclub to be owned by Rekom UK.

Eden in Gunwharf Quays shockingly shut down at the end of last year with just one week of notice. No previous signs of financial trouble were mooted before the shut down. Its social media accounts have also been wiped. Residents have been left wondering where people will go given the uncertain future of Pryzm.

On Facebook, Emma Rhoyds said the news was "devastating", while Michael Barter said the city is in "terminal decline". Leeson Murray said: “Just turn it into a rave warehouse, kids don't wanna hear macarena and the cha cha slide any more. We need jungle I'm afraid."

Reu Ben said: “Wow what a massive shame! Such a sad day for Pompey and all us residents, things really won’t be the same after. This is extremely upsetting news and so sad, maybe take a minute or two out of your day to have some silence for Pryzm closing down."