Tue, 04 Mar 2014 | ADMINISTRATION
The parent company behind six public houses in Somerset and Devon has been placed into administration.
Andrew Sheridan and Gareth Morris of FRP Advisory have been called in to act as the joint administrators to the troubled business Singer Inns and Taverns, which had suffered a squeeze on its cash flow for a period of time.
The Orchard Inn, with 14 employees, in Taunton, Somerset, is still trading in administration while a buyer is sought. The Globe Inn in Sampford Peverell, Tiverton (18 staff) and the Dartmoor Halfway Inn in Newton Abbott (13 staff), are no longer trading. The leases for these two premises have reverted back to their landlord brewer owners, and all jobs have been lost.
The other three pubs - namely The Inn on the Shore in Torpoint (owned by Punch Taverns), The Cherub in Dartmouth, and The Kings Arms in Tedburn St Mary’s - are all trading under new ownership. A total of 46 jobs have been saved.
The administrators are optimistic that the Orchard Inn will be sold on, rescuing a further 14 jobs.
Mr Sheridan commented: “Despite the strong underlying operational performance of the pubs the company had too much debt to service having paid significant premiums for some of their leases and for the freehold at the top of the market and ultimately they simply ran out of cash.”
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Related information:
Contact the administrators of Singer Inns and Taverns
Public Houses in administration
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