Mon, 25 Nov 2013 | ADMINISTRATION
PBR Leisure Ltd has entered administration after struggling with cash flow problems in the wake of the economic downturn.
The business, which operates seven bars and hotels in the North East of England and Belfast, was forced to appoint administrators from Zolfo Cooper. Peter Cropper and Anne O'Keefe were appointed to handle the situation.
So far, two sites have been closed by the administrators: Blu Bambu in Newcastle upon Tyne and Beach in Belfast. Forty-six people have been made redundant as a result. Blu Bambu, a club with a capacity of over 1,000, has been a well-known part of Newcastle's Bigg Market area since 2002.
Mr Saville commented: “It is regrettable that there was no alternative but to close two sites resulting in a number of redundancies.
“However, we will continue to trade the remaining businesses while exploring all possible options for its future, including a sale of the business.”
He added: “We welcome expressions of interest from third parties. We would also like to thank the staff for their continued support and professionalism during this process
PBR has already offloaded some of its bars and restaurants, including City Vaults in Newcastle earlier this year. Its estate now consists of just seven pubs, but there have been suggestions that many of these businesses were for sale before the administrators came in.
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