Banquet Records has confirmed that Kingston Pryzm, the venue where it frequently hosts ‘outstore’ gigs, will remain open despite its owners calling in administrators.
Last month, the future of Kingston Pryzm was placed into doubt after its owner Rekom UK, which owns the Pryzm and Atik brands, went into administration. The company cited challenges within the nighttime industry over the past year, blaming increased energy prices and students cutting back because of the current cost of living for its issues.
Banquet Records regularly puts on intimate album release shows in the venue and has hosted gigs by the likes of Billie Eilish, The 1975 and Boygenius, while Future Islands and Yard Act are among the acts scheduled to play there in the future.
Now, Banquet Records has said on its social media that Kingston Pryzm will be staying open. “It’s now in the public domain that Pryzm Kingston remains trading as was. We’ve got loads of great events coming up and the company restructure will see things more secure for the shows we put on there,” they wrote.
They did, however, point to “the sad news for clubbing and job losses across the UK”. While the Kingston branch of Pryzm remains open, Rekom UK are shutting 17 of its venues, resulting in the loss of 471 jobs across the business. Only ten of its other venues besides Kingston Pryzm will remain open.
it’s now in the public domain that Pryzm Kingston remains trading as was. we’ve got loads of great events coming up and the company restructure will see things more secure for the shows we put on there.
elsewhere it’s sad news for clubbing and for job losses across the UK. in a… pic.twitter.com/PnkveR8Iwa
— Banquet Records (@BanquetRecords) February 2, 2024
Banquet had previously warned fans that “while we prudently investigate plans B and C”, “it’s a further reminder on nightclubs – like record shops, gig venues, skate shops, books shops and so on – use them, or lose them.”
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.