Thu, 25 Oct 2012 | BUSINESS SALE
The Nono8 bar and nightclub in Derby has been sold out of administration, it has been confirmed.
Following the appointment of insolvency and business recovery expert from Smith Cooper, Dean Nelson, as administrator, the business was put on the market along with its assets to be sold as a going concern.
Blaze Arts and Entertainment Ltd have since purchased the business, keeping Nono8 open for trading.
The business first opened in 2008 when it attracted a crowd of local celebrities, keen to partake in of the concierge and hostess services as well as the luxury range of drinks on offer.
However, initial over-runs on cost, ageing creditors and worries about the company accounts saw various resignations among the directors and other high level staff. The impact of the economic recession sealed the company's fate as new directors were unable to return the business to growth, despite their best efforts.
Mr Nelson commented on the sale: “People have less disposable income and are finding new and less expensive ways to enjoy themselves and sadly, this has led to an overall decline in the bar and pub sector.
“As administrator, my first priority is to rescue a business as a going concern and I am extremely pleased that the sale of Nono8 has secured all employees jobs and Nono8 is now open for trading with all senior management and staff in place to build upon the brand that it had established in the industry.”
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