Pubfolio and Goldtry in administration
Two pub companies, which owned 253 freehold pubs between them, have gone into administration.
Pubfolio and Goldtry both called in administrator PricewaterhouseCoopers on 28 September.
Pubfolio owned 219 pubs, and Goldtry 34, with the majority concentrated around South Wales, the North, the Midlands and South West. Most are operated on a tenanted basis and managed by an independent third party, Country Estate Management. Pubfolio and Goldtry therefore have no direct employees.
David Chubb, joint administrator and partner at PricewaterhouseCoopers, said:
"The companies have suffered as a result of the ongoing economic challenges facing this particular segment of the pub sector which resulted in a deterioration in trading in the estate. Having run out of alternative options, administration of the companies became unavoidable.
"There are no immediate plans for wholesale disposal of assets and our immediate priority is to ensure that the business remains stabilised with the benefit of support from the bank. We intend to continue trading during the administration and we will work with the existing management team, suppliers, tenants and customers to try and ensure that we achieve a positive solution."
Pubfolio came into being in late 2004 when it bought 545 pubs from Punch Taverns for £162m. Pubfolio went about selling off the estate in chunks but business dried up as the credit crunch hit.
Pubfolio close to being offered for sale >>
Pubfolio puts 27 pubs up for sale >>
Former Punch man joins Pubfolio >>
Punch sells 545 pubs in £163m deal >>
County Estate Managment eyes up Greene King pubs >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Caterersearch.com jobs
Looking for a new job? Find your next job here with Caterersearch.com jobs
|
