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.
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