Thu, 13 Jan 2011 | BUSINESS SALE
More than 200 pubs previously owned by the R20 property group have been put into administration.
The 207 tenanted pubs, which are located mainly in Scotland, are held by several companies under the R&L Properties banner.
Accountancy firm Deloitte has been appointed administrator to the pubs, which were once managed by the Scottish & Newcastle Pub Company on behalf of R20 property group's owner Robert Tchenguiz. The administration is said to be due to the 'level of gearing' at the company, plus the financial climate.
One of the joint administrators, Neville Kahn, Deloitte's Reorganisation Services practice partner, confirmed that each of the pubs would carry on normal trading whilst a buyer is sought. None of the pubs are expected to be closed.
Until the pubs are sold, the portfolio will be run and managed by LT Pub Management - which is headed up by chief executive Billy Buchanan - and recovery firm Licensed Solutions.
Kahn said, "Billy Buchanan and Paul Whitford, managing director of Licensed Solutions, have worked together on projects over the last two years and are pleased to successfully join up again to apply their sector knowledge and expertise to the management of these businesses."
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