London pubs to be brought to market by administrators
Wed, 17 Jul 2024 | ADMINISTRATION
A portfolio of 13 London pubs is set to be brought to market after companies that formed part of the Antic hospitality group fell into administration. Steve Absolom and Will Wright of Interpath Advisory have been appointed as joint administrators of Elflock Limited, Babel Silk Limited, Brocade Limited and De Gremio Limited.
The companies collectively operate 13 pubs and bars across south and east London. The venues are set to continue trading as normal prior to being put up for sale by the joint administrators.
According to Antic, several of the venues have experienced challenges since the COVID-19 pandemic, with Interpath Advisory saying that the affected locations had been struggling with “legacy liabilities” since the pandemic.
Elflock Limited and Brocade Limited have both faced winding up petitions over recent weeks. Babel Silk Limited, meanwhile, owns an additional three sites that are currently not operational.
The UK pub sector, more broadly, has been experiencing a high level of insolvencies over the past year, driven by rising prices for energy, labour and food, as well as the cost-of-living crisis and a growing trend for sobriety among younger people, both of which have led to many avoiding pubs.
In a statement, Interpath Advisory Managing Director and joint administrator Steve Absolom 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.”
The full list of pubs affected by the administration is: Dogstar, Brixton; Gremio de Brixton, Brixton; Balham Bowls Club, Balham; East Dulwich Tavern, East Dulwich; Tooting Tram and Social, Tooting; The Sun, Camberwell; Antelope, Tooting; Clapton Hart, Clapton; The Elephant and Castle Pub, Elephant and Castle; Hagen & Hyde, Balham; Graveney & Meadow, Tooting; Red Lion, Leytonstone; Coopers, Crystal Palace.
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