Fri, 13 Jan 2012 | ADMINISTRATION
Midlands-based hotel, bar and nightclub company, Mood Bars (UK) Limited, has called in administrators after suffering an unsustainable drop in revenues.
The company, which operates a range of venues around Leamington Spa and the surrounding area, has appointed Ryan Grant, Simon Wilson and Anne O’Keefe, partners at corporate advisory and restructuring specialists Zolfo Cooper, to handle the administrations process.
It is understood that the administrators have embarked on a search to find buyers for the company's properties and venues, which include TJ's Bar and Bistro, the Thomas James Hotel, Koko's nightclub and the Shakespeare Inn public house. The administrators will be keeping the company running while they carry out their search, in the hope of selling the properties as going concerns.
Mr Grant explained that Mood Bars had been unable to avoid entering administration, after getting into a financial position where they were unable to pay their creditors when they fell due.
"Following our appointment, we will continue to trade the various businesses while we conduct a thorough review of the company," Mr Grant explained. "We would like to thank all staff for their continued professionalism during this process."
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