Tue, 03 Jun 2014 | ADMINISTRATION
The company behind a leisure complex on the Bridlington seafront has entered administration.
Brian Johnson and Abigail Jones of London’s Fisher Partners were appointed joint administrators to Harrison Leisure Ltd, which runs a pub, restaurant and leisure complex in England’s north-east coastal town. The news comes after six months of negotiations in which time the administrators have managed to save all 14 jobs at the company, as well as many more temporary roles.
Harrison Leisure ran into financial problems after it secured a long lease on land earmarked for a new site, including a Burger King franchise, shortly before the 2008 recession. When the economic downturn gripped the UK, the firm struggled to pay off the money it had borrowed to develop the complex.
Mr Johnson explained: “Harrison Leisure had borrowed from its bank in 2007 to build a two storey unit on land it held on a long lease, and to purchase a Burger King franchise. Unfortunately the opening of the franchise coincided with the onset of the recession in 2008 and visitor numbers fell dramatically.
“The franchise had to be closed at great cost to the company and despite efforts to market and sell the business last year, no offers or expressions of interest were forthcoming.”
The administrators added that company's shareholders had raised funds through peer-to-peer lending to keep staff in jobs while the administrators will now seek to sell the business and its assets as a going concern.
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