Wed, 18 May 2011 | DIVISION SALE
Administrators have said that they are optimistic that a buyer will be found for the administration-struck leisure company, Principle Leisure Group.
The company went into administration last week, throwing the future of 300 jobs and 12 bars and restaurants across the north-east of England, Nottingham and Sheffield, into doubt. Andrew Haslam and Gerald Krasner from insolvency specialists, Begbies Traynor, were appointed as administrators and they have said that there is great scope for the company to be rescued.
Mr Haslam said, "There has been quite a bit of interest. We are hopeful of obtaining a sale quickly."
The administrators are continuing to operate Principle's venues under licence while a buyer or buyers are sought. Their venues include Popolo Newcastle, River Bar in Washington and The Blackbird in Ponteland.
The blame for the collapse into administration was put upon cashflow difficulties stemming from the opening and refurbishment of several new outlets. It left them owing a "substantial" tax debt, while the business was further weakened by the death of director, Joseph Peel.
Christie & Co. of Newcastle have been instructed by the administrators to be the agent for the properties and all enquiries from interested parties should be directed to them.
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