Pub chain falls into administration affecting 13 locations – is one near you?
A MAJOR Pub chain has fallen into administration affecting 13 boozers in London.
Antic Hospitality Group, which operates some noted venues in south and east London, said some of these pubs have been struggling since the Covid pandemic.
Administrators were called to four sites owned by the Antic Pub group on 12 July.
Steve Absolom and Will Wright from Interpath Advisory were appointed joint administrators to Elflock Limited, Babel Silk Limited, Brocade Limited and De Gremio Limited
Collectively, the Companies operate 13 pubs and bars across South and East London, including:
- The Antelope, SW17
- Balham Bowls Club, SW12
- Clapton Hart, E5
- East Dulwich Tavern, SE22
- Elephant and Castle, SE1
- Hagen & Hyde, SW12
- The Sun, SE5
- Gremio de Brixton, SW2
- Graveney & Meadow, SW17
- Dogstar, SW9
- Tooting Tram & Social, SW17
- Red Lion, E11
- Coopers, SE19
It is understood these pubs will continue to function normally amid the administration process.
Steve Absolom, managing director at Interpath Advisory and joint administrator, said: “This is an eclectic collection of well-known and popular pubs and bars located in prime sites across South London.
“The sites are expected to continue to trade as usual with the support of specialist trading agents at Licensed Solutions.
“We intend to bring these units to market in due course, representing a fantastic opportunity for investors and trade purchasers alike.”
What does going into administration mean?
WHEN a company enters into administration, all control is passed to an appointed administrator.
The administrator has to leverage the company’s assets and business to repay creditors any outstanding debts.
Once a company enters administration, a “moratorium” is put in place which means no legal action can be taken against it.
Administrators write to your creditors and Companies House to say they’ve been appointed.
They try to stop the company from being liquidated (closing down), and if it can’t it pays as much of a company’s debts from its remaining assets.
The administrator has eight weeks to write a statement explaining what they plan to do to move the business forward.
This must be sent to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.
A Notice of Intention is used to inform concerning parties that a company intends to enter administration.
It is a physical document which is submitted to court, usually by directors aiming to prevent a company from being liquidated.
Like with a standard administration process, a Notice of Intention stops creditors from taking out any legal action over a company while they try and rectify the business.
It comes as many pubs in the UK are shutting down their doors – some even without giving any notice.
Punters were left shocked after Wetherspoons abruptly closed a “popular” pub in a town centre.
Doors of the Dockle Farmhouse on Bridge End Road, Swindon were found shut by locals who visited the boozer for a pint last Friday.
The pub only had a sign on the doors that said the branch had been closed due to an unexpected situation, The Swindon Advertiser reports.
It read: “Due to unforeseen circumstances this pub will be closed until further notice.
“We apologise for the inconvenience.”
While the reason behind the shock closure is unknown, it has been suggested the pub could reopen again soon.
It comes after Wetherspoons issued a huge update on its pub closure plans as almost a dozen boozers remain on the market.
The pub chain confirmed that it has sold or surrendered the lease on 26 pubs so far this year.
The Cross Keys in Peebles, Scotland and The Bear’s Head in Penarth are among the boozers that have been lost.
The Alfred Herring in Palmers, Green, London, is the most recent site to shut down for good.
Many pubs were listed for sale through the estate agent Savills, but some have quietly closed and changed hands without being listed.
Spoons, which has 801 pubs, said it has largely disposed of venues which are “smaller and older”, or where it has another branch in close proximity.
Meanwhile, locals could lose as many as 10 Wetherspoon drinking spots, which remain up for sale or under offer.
This means that a buyer has presented an offer that is being considered by the seller.
It doesn’t mean that the sale is guaranteed, and it could remain open if it doesn’t complete.
In an exclusive interview with The Sun, Wetherspoons boss Sir Tim Martin he is planning to ramp up plans to launch “Super Spoons” pubs – making existing sites even bigger.
He previously outlined his ambitions to have more than 1,000 pubs across the country. after raking in record sales of almost £1billion.
What is happening to the hospitality industry?
Many Food and drink chains have been struggling in recent months as the cost of living has led to fewer people spending on eating out.
Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation.
Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny’s closing branches.
Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs.
Pizza giant, Papa Johns is shutting down 43 of its stores soon.
Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans.
The brand plans to close 20 loss-making restaurants after a “challenging” start to the year.
Stonegate, has raised fears about its survival as it races to plug its debts.