The directors of Maclay Group plc today announced that they have been forced to call in the Administrators after failing to” find a strategic solution to financial pressures facing the business.”
As a result the company has appointed EY as Administrators in a bid to protect the employment of some 500 staff across the 15 pubs and bars it currently owns. However for pubs within the company’s managed estate, seven have been transferred to LT Pub Management. They are Canal Station in Paisley, the Clockwork Beer Co in Cathcart, the Dog House in Balloch, Dram in Glasgow, Laird & Dog in Lasswade, The Steading in Edinburgh and the Wheel Inn in Perth. The administrators EY will honour the contracts for a further five managed houses which are Clerk’s Bar in Edinburgh, The Hope, Munro’s and The Raven all in Glasgow and The Wick in Prestwick.
Administrator Ross Nisbet told DRAM, “We only took over today (23rd January) and we will run the business as normal. We haven’t had an opportunity to look at the books fully but we understand that the underlying business is strong and profitable. It was just that the company had an unexpected funding requirement which led to our appointment. We will trade the company with a view to a sale.”
The pubs owned by Maclay Inns Ltd include Braes in Dundee, the Lansdowne Bar and Kitchen and the Three Judges in Partick and The Tullie Inn in Balloch.
Tennent’s who in 2012 entered into a supplier agreement with Maclays, which also included an equity involvement, released a statement from Brian Calder, CEO Tennent Caledonian Breweries. He said, “We can confirm that Tennent Caledonian Breweries (TCB) is a supplier to and has an equity involvement in Maclay Group plc. Following today’s announcement by Maclay Group TCB will work with the bank, the administrators and other shareholders to optimise value for all stakeholders. ”
The Alloa-based group, run by Steve Mallon, last filed consolidated accounts with Companies House for a 16-month reporting period, ending 1st February 2014. These figures revealed that operating profits had dipped 15% to £604,616 against £718,302 for the 12-month 2012 financial year. Turnover rose to £13.52 million for the 16-month against £10.43 million reported for 2012, but its pre-tax loss was £199,819.
For more information please contact the Administrators:
Ross Nisbet at EY T: 0131 777 2810