Wed, 26 Feb 2014 | ADMINISTRATION
The Northern Irish leisure firm Shanidar Ltd has entered administration with £3.6 million of debt.
The company ran Banbridge’s Iveagh Movie Studios, The Coach and Harry’s Bar. Formerly run by Dominic Quinn, Shanidar Ltd is now led by his son Andrew and the company employed over 100 people. Each of the attractions is now being sold off with buyers said to be found for two of the bars.
The Belfast Telegraph broke details of the story today but the news first emerged when in December 2013 the Bank of Ireland appointed Michael Jennings and Brian Murphy of BDO as administrators of the leisure firm.
According to a report filed by the administrators earlier this month, over the past few years the company had been experiencing “difficult trading conditions” which has led to it amassing large debts. In particular, a fall in trade at the Shanidar’s bars had created serious “financial pressures”.
The company had previously been involved in a BDO-supervised company voluntary arrangement since 2009, until it defaulted on the terms of the arrangement because of said financial pressures.
Buyers for both Harry’s Bar and The Coach have been found, the report said, although the details of the latter are yet to be confirmed. In fact the administrators stated that The Coach is still up for sale and there was “a high level of interest” from potential buyers.
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