Tue, 02 Apr 2024 | ADMINISTRATION
RedCat Leased Pubs Limited (RCLP), a subsidiary of UK pubs operator RedCat Group, has fallen into administration. RCLP operated 10 pubs across the UK, predominantly in London and the south east.
The business has been severely affected by the wider headwinds impacting the UK pub industry, including the cost-of-living crisis and related change in consumer habits, as well as the sector's ongoing recovery from COVID-19.
The division had become loss-making and was unable to meet its financial obligations, leading to the appointment of Nick Holloway and Steve Absolom of Interpath Advisory as joint administrators on March 28. Following their appointment, the joint administrators have started a process to market the business, assets and leases of the pubs for sale.
Three RCLP sites will remain open under sub-tenant agreements: Garden Farm, Chester-Le-Street, County Durham; Railway Tavern, Edmonton, north London; and Cumberland Arms in Kensington, west London. Two of the managed sites will also continue to trade: the Bull Inn, Barming, in Maidstone, Kent, and the Occasional Half in Palmers Green, Enfield, north London.
However, upon the appointment of administrators, the division’s five remaining sites have closed: The Redback in Fulham, west London; Chiltern Taps in High Wycombe, Buckinghamshire; Elmbridge Arms in Weybridge, Surrey; the Gatehouse in Tonbridge, Kent; and Colton Arms in West Kensington, west London.
Joint administrator and Interpath Managing Director Nick Holloway commented: “RCLP comprises a group of pub sites in prominent locations, predominantly in London and the south-east. Financial challenges have weighed heavily on the company in recent years, which rendered it unable to continue in its current form.”
“The administration now provides a period in which we can undertake a marketing process to explore a sale of business and assets of the pubs either individually or as a group. We expect interest from across the industry. Regrettably, the financial position of the business means five sites have now closed.”
In its accounts for the year to April 2 2023, RCLP reported turnover of £5.2 million, but fell to a pre-tax loss of £6.5 million. At the time, the company’s net liabilities stood at close to £7.6 million.
Despite significant challenges, there are forecasts that M&A will grow in the UK hospitality sector this year
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