Pryzm boss blames “young people drinking less” for nightclub closures
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.However, last week, Banquet Records confirmed that Kingston Pryzm, the venue where it frequently hosts ‘outstore’ gigs, will remain open despite its owners calling in administrators.And now, Rekon UK CEO Peter Marks has told the BBC that young people and students are going out less than ever before because of changes in drinking habits, as well as the cost of living crisis and soaring rent prices.“A lot of students who used to be paying, say, £800 a month for their accommodation, have been facing [higher rents of] £1,200 a month,” he said.