Mon, 22 Oct 2012 | ADMINISTRATION
A nightclub business in Lanarkshire has entered administration following problems caused by flood damage.
The group of clubs in the town, including Sugar Sugar, 30 Something, The Edge and Level 2, were operated under the Centrepoint Venues name and its subsidiary Merlin McFlys.
According to the latest accounts for the year ending 31 March, 2011, Centrepoint made a loss of £662,000 and owed £1.9 million to short-term creditors. Meanwhile, McFlys made a profit of £1.1 million and owed £344,000.
It is not clear exactly what pushed the firm into administration but administrator BDO stated that The Edge club was forced to close its doors due to flood damage, while the other three clubs and the Irishmore pub are still being traded until a buyer can be found.
Administrator James Stephen told The Herald: “We are hopeful of securing a sale and the companies will continue to trade while all the options are explored.”
The companies were owned by Raymond Codona, who has a family background of running fairgrounds for more than 100 years. Just months ago he transferred the business to minority partner Steve Graham after selling his interest in the firm. Mr Graham also owns Glasgow-based letting agency Easylet Properties, as well as Manorview Hotels, which has properties in East Kilbride, Wishaw and Johnstone.
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