Mon, 25 Nov 2013 | ADMINISTRATION
PBR Leisure Ltd has entered administration after struggling with cash flow problems in the wake of the economic downturn.
The business, which operates seven bars and hotels in the North East of England and Belfast, was forced to appoint administrators from Zolfo Cooper. Peter Cropper and Anne O'Keefe were appointed to handle the situation.
So far, two sites have been closed by the administrators: Blu Bambu in Newcastle upon Tyne and Beach in Belfast. Forty-six people have been made redundant as a result. Blu Bambu, a club with a capacity of over 1,000, has been a well-known part of Newcastle's Bigg Market area since 2002.
Mr Saville commented: “It is regrettable that there was no alternative but to close two sites resulting in a number of redundancies.
“However, we will continue to trade the remaining businesses while exploring all possible options for its future, including a sale of the business.”
He added: “We welcome expressions of interest from third parties. We would also like to thank the staff for their continued support and professionalism during this process
PBR has already offloaded some of its bars and restaurants, including City Vaults in Newcastle earlier this year. Its estate now consists of just seven pubs, but there have been suggestions that many of these businesses were for sale before the administrators came in.
____________________________________________________________________________
Related information:
Contact the administrator
View the latest businesses in administration
How to profit from buying distressed businesses
An exciting opportunity to acquire the business and assets of a well established tech-enabled product and service business that assists employers in preventing workplace incidents, specifically but not limited to oil and gas, manufacturing and emerg...
This is an opportunity to acquire a highly specialised AI-enhanced medical-writing business. The business has developed an AI-powered platform designed specifically for medical writers to reduce operational tasks and manual perusal of data. The...
Project Richmond provides complete, software-led warehouse management solutions and projects that aim to automate various processes, ultimately improving clients’ operational accuracy and efficiency and reducing expenditure.
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.