Thu, 09 May 2013 | ADMINISTRATION
HK Taverns, a group of public houses headquartered in Corby, Northamptonshire, has appointed administrators to handle a handover of the company's portfolio of pubs.
Baker Tilly Restructuring and Recovery LLP was chosen to handle the business administration, with Graham Bushby and Guy Mander appointed to take on the case.
HK Taverns managed and operated around 50 pubs spread across the East Midlands. The firm's operations included small community pubs to much larger locations that delivered revenue from food and drink sales.
Mr Bushby, restructuring and recovery partner at Baker Tilly, released a statement explaining that the group was unable to maintain its position due to poor sales that continue to be affected by pressure on consumer income.
He said: “In response to creditor pressure, the company management reached the inevitable conclusion that the only option was to appoint administrators. Since our appointment we have worked closely with the pub company landlords to facilitate an orderly handover of the leasehold portfolio, thereby in many cases saving jobs and preserving value for all parties.
“We anticipate continuing to trade at five sites, which will secure around 40 jobs, until a buyer for the individual pubs or the group can be found.”
The Admiral Hornblower, Red Lion, Wishing Well Inn, Beehive and Magnet Tavern are the five sites that are set to continue being traded, while the others are due to be closed down, at least until a suitable buyer can be found to take over the businesses.
____________________________________________________________________________
Related articles:
Profit from buying a distressed business
Buyer sought for Botanic Inns
Discover the chance to acquire a reputable RICS-regulated expert witness agency in the chartered surveying sector. The company's main focus is on property-related disputes and claims.
This reputable car servicing and MOT testing company, located near a bustling city centre, is equipped with state-of-the-art technology and has a strong presence in the market with potential for expansion into the electric vehicle sector.
This is a unique opportunity to acquire a well-established scaffolding supply business in Scotland, offering comprehensive services and working with blue-chip clients across various industries.
01
|
Apr
|
Law firms merge to create regional powerhouse | MERGER
A Lincolnshire and Yorkshire law firm have announced they ar...
01
|
Apr
|
Jackson Jackpot falls into administration | ADMINISTRATION
Online competition business Jackson Jackpot Ltd has gone int...
01
|
Apr
|
UK administrations: March 26 – April 1 | ADMINISTRATION
Since our last update, the following businesses have been co...
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.