"It's been a tough winter for everyone," he said, adding five bars had closed in Rotorua over the past nine months.
"It's been a good kick up the pants for me," he said. "If I had no other means of money coming in then I'd be struggling."
However, Mr Ralm remains determined to make a success of the venues and said it was about finding a point of difference to other Rotorua bars.
"What market am I going after? Is it sports, the young people... how do I get people spending money?"
Mr Ralm said he had been working in the club for the past four weeks, gaining a better understanding of what was going on.
He said Heaven & Hell would be closed for eight weeks - "it could be longer" - before relaunching with a new name.
Heaven & Hell was opened by Pato Alvarez and Brendon Gilbert in 2012 on the site of the old Grumpy Mole, which closed in 2011.
Since then it's brought musical acts to Rotorua.
In recent weeks the club has hosted the Miss V8 Supermodel Search NZ, which was won by local woman Nicole Harvey.
The Royal Lounge will also close and will relaunch as a gastro bar, Mr Ralm said.