Newcastle’s superclub and pub destination The Lofts and The Hustle closed down with debts of more than £7m, documents reveal.
The nightclub and bar – opened less than two years ago by Dead Vibey Leisure Limited – closed its doors last month after becoming involved in an ongoing investigation by the financial watchdog into a separate business owned by one of its directors, John Dance. Mr Dance had launched the city’s biggest nightclub in August 21 alongside co-founders Rob Seaman and Marty Smith, pledging to give the North East’s clubbing sector a much-needed boost following months of pandemic lockdowns.
But the shutters came down in May on the two venues, and all 79 staff were made redundant, following the appointment of business restructuring specialists at FRP Advisory on May 15. The move came a month after WealthTek LLP, a company founded by Dead Vibey Leisure Limited director John Dance, was ordered to cease operations immediately by the FCA after “serious regulatory and operational issues” came to light. Mr Dance was CEO of WealthTek LLP, which trades as WealthTek, Vertem Asset Management and Malloch Melville.
