Mon, 03 Sep 2012 | ADMINISTRATION
Coral Inns, the company behind Rain nightclub in Belfast, has been placed into administration.
The Northern Ireland firm had been struggling with financial pressures for some time and entered a standstill agreement with its creditors last year, which stated that creditors were due to be repaid over a 14-month period.
It was also agreed that a third party investor would inject £100,000 into the business to keep it afloat.
Unfortunately, the agreement has not been enough to keep the company going and the directors appointed administrators earlier this month. However, the nightclub is expected to remain open for the foreseeable future.
The most recent abbreviated accounts for Coral Inns show that for the year ending August 2010 there was a balance on the profit and loss account of £245,000. This was up from £40,000, suggesting an annual profit of £205,000.
Meanwhile, the nightclub has had its own problems, which have resulted in fines for its owner. The club withdrew from an agreement among city centre pubs and clubs to close at 02:00BST, staying open until 03:00BST.
A director from Coral Inns appeared in court as a result, accused of selling alcohol and allowing its consumption outside permitted hours.
Studio Inns and Rymor Inns, two related businesses, reached a voluntary arrangement with their creditors earlier this year.
This is a unique opportunity to acquire two well-established B2B companies operating across multiple sectors throughout the UK, boasting strong client relationships and secure contracted revenues poised for further expansion.
LEASEHOLD
This is a unique opportunity to acquire a prominent company in a specialist sector with a high barrier to entry, offering integration potential and a cash-generative model with repeat revenue.
This business presents an enticing opportunity with established relationships with blue-chip organisations globally, a strong client retention rate, and the potential for relocation.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.