Sat, 27 Nov 2010 | ADMINISTRATION
London wine bar and restaurant operator Balls Brothers has been put on the market after being falling into administration yesterday.
Despite denials last week that it was in crisis talks with its bankers Barclays, the operator of 19 wine bars finally succumbed to the drop in trade and its debt servicing obligations.
Administrators Zolfo Cooper, under the instruction of Barclays Bank, have been trying in vain to find investors for the chain for several months.
Barclays is owed around £7m, much of which stems from the company’s acquisition of the Lewis Clarke chain of bars for £14m four years ago. The flow of regular business from City professionals to the chain of bars and restaurants has been steadily decreasing, leading to an inevitable cash flow crisis that could not be stemmed through valiant promotions including the £10 per person Christmas Party offer running currently.
However, many of the bars are believed to be trading profitably and there is certain value in the outlets that have been built up over the years. Some of the group’s well-known bars include Mulligan’s of Mayfair, The Gable, The Cellar and The Sterling. Restaurants include Hay’s Galleria, Minster Pavement and St Mary at Hill.
The strength of some of these individual bars and restaurants means that there will be considerable interest from potential purchasers.
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