Wed, 22 Jun 2011 | ADMINISTRATION
Administrators are hoping to secure a quick sale of Sunderland-based pub company, Bar Operations Ltd, after it was placed into administration yesterday.
It is intended that the company - which owns the popular city centre haunt, Paddywacks - will continue to trade as normal while the search for a buyer is carried out. Joint administrators, Ian Green and Nick Reed of PricewaterhouseCoopers, have been assigned the task of finding a buyer.
The company currently employs 32 staff, but no redundancies have had to be made yet, and it is hoped that will remain the case.
The administrators said that the situation had come about as a result of severe cash flow difficulties, which had led to mounting pressure from creditors and subsequently the filing of a winding-up order against Bar Operations.
Mr Green explained, "Trading has suffered in recent months and the administration is clearly disappointing news for all of the stakeholders, and employees in particular. However, we are looking to secure a rapid sale of the business."
The company's director, Tony Griffiths, said that he was devastated at the appointment of the administrators and said he would be providing as much assistance as necessary to help find a buyer and maintain the company's jobs.
Bar Operations' subsidiary company, Hoffman Inns, remains outside of any insolvency process.
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