Clover Taverns calls in administrators
Fri, 09 Mar 2012 | ADMINISTRATION
Administrators are currently examining the financial position of Manchester-based pub group, Clover Taverns, after it fell into administration this week.
Clover’s parent brewery, the Spirit Pub Company, appointed administrators from Duff & Phelps to handle the process and carry out a full review of the financial situation of Clover, which operates ten pubs and venues throughout the UK.
Duff & Phelps partner, John Whitfield, said they were hoping to be able to find alternative tenants for the venues, which are largely in the north of England – including The Old Black Bull in Preston and the Shakespeare pub in Manchester city centre – but also include The Bell Inn pub in Birmingham and The Long Barn in Slough.
“It has been well publicised in the press that consumers’ discretionary spending has reduced and, inevitably, the leisure sector has seen the impact of this,” Whitfield stated. “Under the current economic climate, the downturn in trade has exacerbated cashflow demands. With the support of the brewer, the ten public houses will continue to trade under the supervision of the administrators.”
He added that they were confident that there would be a significant amount of interest in the venues.
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