Tue, 09 Jun 2015 | BUSINESS SALE
Maclay Inns has been bought out of administration by Stonegate, the business behind the Slug and Lettuce and Yates's brands.
Maclay has a portfolio of 15 pubs and inns across Scotland, but in January it was forced to appoint administrators from EY due to an “unexpected funding requirement”.
Stonegate is a larger operation with some 600 outlets across the UK and sought to purchase Maclay to strengthen its quality portfolio and presence north of the border.
Simon Longbottom, Stonegate's chief executive, commented: “The prudent reviewing and planning of our estate has enabled Stonegate to invest in a high quality, predominantly freehold business that further strengthens our portfolio within Scotland.
“We look forward to welcoming the teams in situ into the Stonegate family.”
The price on the sale has not been disclosed but the parties involved are said to be happy with the outcome and, given the strong interest from potential buyers during the three months for which EY operated the distressed Maclay, Stonegate are thought to have brought a competitive offer to the table.
During the distressed period of trading EY were able to keep the majority of the 500 strong workforce in their jobs.
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