Mon, 18 Mar 2019 | ADMINISTRATION
Administrators for pub group headquartered in Leeds are on the hunt for a buyer for parts, or all, of the company’s estate located in the North of England as a result of a series of failed interest payments.
Authentic Alehouses Limited and Authentic Alehouses Trading Limited have been forced to call in leading business advisory firm Quantuma to handle the administration process, with partners Simon Bonney and Michael Kiely appointed as joint administrators.
At the time of administration, on 6 March 2019, four out of seven of the group’s pubs continued to trade, and will continue its operations until a new owner is found.
The group owns pubs in Barnoldswick, Hull, Pontefract, Saltaire and Southport, with its head office in Leeds.
In a statement released by Quantuma, it was said: “Authentic Alehouses (AAL) owns the freeholds of seven public houses across Northern England. AAL borrowed funds to refurbish the seven public houses and security was granted in respect of the loans.
“In early March 2019, the company failed to make the full interest payments due to in respect of the loans which constituted an event of default and therefore the secured creditor appointed Simon Bonney and Michael Kiely of Quantuma LLP as joint administrators on 6 March 2019.
“At the date of our appointment three of the public houses were shut but four were trading. Following our appointment, these four continue to trade under licence. The administrators are actively seeking potential purchasers for some or all of the estate. The administrators will also be investigating the affairs of AAL.”
The administrators are inviting expressions of interest from potential buyers immediately.
Click here to view the Authentic Alehouses Limited listing, and here for the Authentic Alehouses Trading Limited listing for full details.
For more news stories about administrations click here. For all our administrations listings, click here.
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