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
For sale is a long-established tree surgery and arboricultural services business with an excellent reputation, serving both domestic and commercial sectors across Southern England, including the Home Counties and London.
An opportunity has arisen to acquire a mechanical engineering company specialising in the Water Industry. Benefitting from over 3 decades of trading, this business has built a solid and long standing client base comprised of prominent UK utility comp...
An opportunity has arisen to acquire a reputable IT support and development services provider with a UK-wide client base and a proven record for innovation and resilience in the constantly evolving IT sector. Throughout its 25+ year trading history,...
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
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.