Fri, 01 Nov 2013 | ADMINISTRATION
Zolfo Cooper has been appointed to Bramwell Pub Company, after the company's cash flow problems proved too great to overcome.
Peter Saville, Kevin Coatest and Anne O'Keefe were appointed yesterday (31 October) as joint administrators.
The managed pub operator was formerly known as Barracuda but underwent a restructure just over a year ago and appointed a new management team, led by Roger Moxham, the former Mitchells & Butlers executive.
The business believed at the time of the restructuring that it had created a “solid foundation” for growth and investment. But the firm's problems continued despite the restructuring process and the company didn't manage to cut its £160 million debt or offload lossmaking sites fast enough to avoid administration.
Zolfo Cooper are now handling Bramwell's affairs while they look to sell as many of the sites as possible. Twenty-five of the 185 pubs and bars that the firm operates across the country are due to be closed straight away and will be marketed for sale by Christie + Co. industry news source, The Publican's Morning Advertiser, reported.
Peter Saville, partner at the administrators, commented: “We will continue to trade the business while exploring all possible options for its future including a sale of the business and would like to thank the staff for their continued support and professionalism during this process.”
Contact the administrators here
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