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.
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