Chris Pole and Mark Orton from KPMG’s restructuring practice were appointed joint administrators to Yales Leisure Limited on 13th November.
Shortly after the Administrators’ appointment, a licence to occupy was granted in respect of the freehold properties to a potential purchaser, to allow continued operation of the business whilst a sale of the properties is finalised.
Commenting on the appointment, Chris Pole, director at KPMG and joint administrator, said: “The business suffered significant losses in the wake of the recession which was exacerbated by the general challenging conditions facing the licensed trade.
“We are pleased to have been able to secure a deal to ensure trading continues from the premises, and hope to complete a sale of the properties within the next 28 days.”
The company had 53 employees, of which the vast majority were part time bar staff. Following appointment, all employees were made redundant. However, it is understood that the new occupier of the property has subsequently taken on all of the staff in the continuing business.
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