Wed, 15 Feb 2023 | ADMINISTRATION
Administrators are seeking to sell the assets of a casino in Birmingham after efforts to find a buyer for the business failed. Kroll’s Matthew Ingram and Elizabeth Welch have been appointed joint administrators to Birmingham’s licensed Broadway Casino by owner Clockfair Limited.
Like all UK casinos, Broadway Casino was forced to temporarily close due to COVID-19's government-mandated lockdowns and was subsequently unable to recover footfall, impacting its finances and forcing owners to seek a buyer.
The joint administrators were initially engaged in December 2022 to seek a potential buyer for Broadway Casino and its assets via an accelerated merger and acquisition process. However, despite an extensive marketing period, no offers to acquire the casino on either a solvent or insolvent basis were received.
As a result, the casino ceased trading at the end of December 2022, with the representatives from Kroll subsequently appointed as administrators on February 1 2023.
The Broadway Casino opened in 2005 and featured a poker floor, hosting poker tournaments and live music, as well as a restaurant and lounge and bar area. Clockfair Limited is also the owner of the Shaftesbury Casino in West Bromwich, which reportedly remains operational, with no news as to whether it is impacted by the administration.
In a statement, Kroll said: “The casino was forced to close its doors during the COVID-19 Pandemic, in accordance with Government guidelines, which had an immediate impact on its finances. Customer footfall at the casino did not return to pre-COVID Pandemic levels impacting on its working capital and ability to pay its debts.”
In Clockfair Limited’s most recent accounts at Companies House, for the year ending June 30 2021, its fixed assets were valued at £2.1 million and current assets at £1.7 million, with net assets amounting to £722,311.
The best value deals are often down during downturns, but such acquisitions can be highly risky. Here's how to find the best value M&A deals during a downturn.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
On the market is an independently spirited entrepreneurial entertainment company with an ‘artist first’ focus. The entertainment company comprises a group of highly-profitable businesses within the music industry including a record label, management...
FREEHOLD
An opportunity exists to invest in an exciting Specialist Tour Operator which supplies tour operator services to UK inbound tourist from Mainland China. The Company arranges hotels, travel and tours in London and other UK destinations to foreign cust...
LEASEHOLD
Presenting a comprehensively refurbished 27 room boutique hotel and restaurant, boasting high specification throughout, in a prime town centre position, substantial profits, and fully managed.
FREEHOLD
06
|
Sep
|
Surrey Victorian country manor hotel on the market for £8m | COMMERCIAL PROPERTY
Stanhill Court Hotel, a Victorian Country Manor House hotel ...
06
|
Sep
|
Livingstone-based civil engineering firm falls into administration | ADMINISTRATION
Glenevin Limited, a Livingstone-based civil engineering firm...
06
|
Sep
|
Worcestershire accountancy acquires Cannock-based counterpart | BUSINESS SALE
A full-service accountancy and advisory firm based in Worces...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.