Thu, 06 Jun 2019 | ADMINISTRATION
The company behind the coveted Preston Guild Hall, which has hosted stars like David Bowie and Queen, is set to collapse into administration after making its application to the High Court in Manchester.
Owner Simon Rigby announced the fate of Guild Group Limited in a statement to the public, stating that insolvency specialists The Business Debt Advisor have been called in to handle the administration process, with licensed insolvency practitioner Bev Budsworth appointed as the administrator.
Rigby said the administrator would “aim to maximise the return to the company’s secured and unsecured creditors.
“For individuals who have purchased tickets in advance, we will be ensuring that they receive a refund if the show is not available via the new operator.”
Located in the heart of Preston, the venue was established in 1972 and at one point was the regular home of the UK Snooker Championships and annual UCLan graduation ceremonies. It sports space for 716 seats in its Charter Theatre, and 2,000 in the Great Hall.
Rigby purchased the building from the council in 2014 with the promise of investing £1 million.
However, in light of the administration, the venues have closed indefinitely, with Rigby remarking: “The administration strategy will be to agree terms with a chosen operator who will take over the running of [the venue].”
Despite this, the businesses and shops on the ground floor of the Preston Guild Hall will remain unaffected.
Lisa Matthew, the operations director, added that the business was “exploring all options for reopening whilst we prepare the ground for the new operator.”
For more news stories about administrations click here. For all our administrations listings, click here.
A vibrant soft play centre which was established in 2014 by our client, who is now looking to concentrate on her family. There is scope to development including utilising some of the first floor area to create a third party room and hiring the venue...
LEASEHOLD
A well-established Pub / Restaurant with a renowned reputation amongst residents. This is a superb opportunity to take on a high turnover local business in the beautiful Somerset countryside. The business is now being sold, albeit reluctantly and wit...
FREEHOLD
Hotel trading as a public house and hotel the building is very well presented with 4 en-suite letting rooms. As well as a 1 bed self-contained flat, set on the first floor and a huge 2-3 bed flat on the second floor; this is currently used as living...
FREEHOLD
|
15
|
|
Aug
|
Payroll and HR companies acquired by software group | BUSINESS SALE
IRIS Software Group has finalised the agreement of intent to...
|
14
|
|
Aug
|
NG Bailey’s acquisition of Freedom boosts its turnover by 16 per cent | BUSINESS SALE
Engineering and services group NG Bailey’s strategic a...
|
13
|
|
Aug
|
Forensic science equipment supplier completes MBO | MBO/MBI
A private equity firm has backed the management buyout of a ...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources