Sat, 27 Nov 2010 | ADMINISTRATION
London wine bar and restaurant operator Balls Brothers has been put on the market after being falling into administration yesterday.
Despite denials last week that it was in crisis talks with its bankers Barclays, the operator of 19 wine bars finally succumbed to the drop in trade and its debt servicing obligations.
Administrators Zolfo Cooper, under the instruction of Barclays Bank, have been trying in vain to find investors for the chain for several months.
Barclays is owed around £7m, much of which stems from the company’s acquisition of the Lewis Clarke chain of bars for £14m four years ago. The flow of regular business from City professionals to the chain of bars and restaurants has been steadily decreasing, leading to an inevitable cash flow crisis that could not be stemmed through valiant promotions including the £10 per person Christmas Party offer running currently.
However, many of the bars are believed to be trading profitably and there is certain value in the outlets that have been built up over the years. Some of the group’s well-known bars include Mulligan’s of Mayfair, The Gable, The Cellar and The Sterling. Restaurants include Hay’s Galleria, Minster Pavement and St Mary at Hill.
The strength of some of these individual bars and restaurants means that there will be considerable interest from potential purchasers.
A well-established UK distributor renowned for high-quality bicycle components and accessories, serving both retail and trade customers nationwide, is available for acquisition.
This well-established specialist glazing business in Derbyshire boasts over 30 years of success, supported by a well-presented showroom and ample storage.
This well-established car sales and garage business in Nottinghamshire offers a superb reputation supported by positive online reviews and occupies a prominent position on a main road in Worksop.
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.