Mon, 22 Oct 2012 | ADMINISTRATION
A nightclub business in Lanarkshire has entered administration following problems caused by flood damage.
The group of clubs in the town, including Sugar Sugar, 30 Something, The Edge and Level 2, were operated under the Centrepoint Venues name and its subsidiary Merlin McFlys.
According to the latest accounts for the year ending 31 March, 2011, Centrepoint made a loss of £662,000 and owed £1.9 million to short-term creditors. Meanwhile, McFlys made a profit of £1.1 million and owed £344,000.
It is not clear exactly what pushed the firm into administration but administrator BDO stated that The Edge club was forced to close its doors due to flood damage, while the other three clubs and the Irishmore pub are still being traded until a buyer can be found.
Administrator James Stephen told The Herald: “We are hopeful of securing a sale and the companies will continue to trade while all the options are explored.”
The companies were owned by Raymond Codona, who has a family background of running fairgrounds for more than 100 years. Just months ago he transferred the business to minority partner Steve Graham after selling his interest in the firm. Mr Graham also owns Glasgow-based letting agency Easylet Properties, as well as Manorview Hotels, which has properties in East Kilbride, Wishaw and Johnstone.
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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.