MACLAY ADMINISTRATORS CONFIRM INTEREST ALREADY SHOWN IN PUB ESTATE
Ernst & Young (EY), who were appointed administrators of the MacLay pub group on Friday, have revealed that the two men handling the administration are Colin Dempster and Gavin Yuill. EY has also confirmed that it has already had a “number of expressions of interest.”
The administrator also released a full-list of the MacLays pubs – 15 of which are owned by the group, five are run under a management contract and a further seven properties which were transferred to LT Pub Management, a completely separate company, on Friday evening.
Joint administrator Gavin Yuill re-iterated the statement from EY on Friday when he said, “Faced with an unexpected funding requirement, the directors of Maclay Group plc and its trading subsidiary Maclay Inns Ltd decided to call in administrators to protect the business and safeguard jobs.”
He continued, “The contract for seven managed properties immediately transferred to LT Pub Management. EY will continue to trade the fifteen properties owned by Maclay Inns Ltd, plus the five managed properties as a going concern while a buyer is sought.
“The underlying business remains strong and we have received a number of expressions of interest as might have been expected given the esteem in which the brand is held.”
Speculation surrounds the fact that the administrators have revealed that the company had an “unexpected funding requirement.”
In February 2014, according to notes that appeared in the Group’s accounts, filed at Companies House its term loan facility of £10.5m with Lloyds Banking Group, “was not formally agreed until February 11, 2014.
Properties owned by Maclay Inns Ltd:- Abbey Inn & Bull Inn, Paisley; The Bank, Lansdowne Bar & Kitchen, The Lee and Three Judges, Glasgow; Braes, Dundee; East Port Bar, Dunfermline; Lorne Bar, Oban; The Rule, St Andrews; Southsider, Edinburgh; Tullie Inn, Balloch; Village Inn, Arrochar and West Port Hotel, Linlithgow. The five managed by Maclay Inns (now managed by EY) are Clerk’s Bar, Edinburgh; The Hope, Munro’s and The Raven in Glasgow and The Wick in Prestwick. The management contract for seven pubs have been transferred to LT Pub Management. They are Canal Station, Paisley; Clockwork Beer Co and DRAM Glasgow; Dog House, Balloch; Laird & Dog, Lasswade; The Steading, Edinburgh and Wheel Inn, Perth.