The company, operating a portfolio of bars, pubs, and nightclubs, is navigating challenges amidst the escalating cost of living, leading to heightened cash flow pressures and a downturn in trading performance.
After a comprehensive review of their business model, the difficult decision has been made to close 17 venues with immediate effect. Grant Thornton UK LLP’s Restructuring Partner, Jon Roden, expressed regret, stating, ‘Despite an extensive marketing and sale process, and the earnest efforts of the directors and advisors, no interested parties have been identified for several sites.’
Regrettably, the administrators must now close these 17 sites, as the commercial viability of the affected businesses makes their continued operation untenable. This unfortunate move results in approximately 471 redundancies.