Chantrey Vellacott administrators may call time on Antic pubs
Failure to pick up a tax tab forces pub chain to call in Chantrey Vellacott DFK administrators
Failure to pick up a tax tab forces pub chain to call in Chantrey Vellacott DFK administrators
CHANTREY VELLACOTT DFK administrators have been appointed to pub chain Antic Ltd after a HMRC bill has toppled the business.
Richard Toone (pictured), David Oprey and Kevin Murphy, partners at the restructuring firm, were appointed joint administrators.
Antic Ltd has 14 pubs in its portfolio. However, one is currently closed due to a fire that occurred in December and another has yet to open due to a lack of capital in undertaking refurbishment work.
The administrators said that the business ran into problems when it struggled to resolve a tax bill.
The administrators claim there is significant interest in the chain and they are confident of a sale or rescue deals such as a Company Voluntary Arrangement (CVA). In this type of deal, the administrators will agree a reduction in the debt and a repayment over a contracted period of time, usually three years.
“We are welcoming offers on each of the individual leaseholds, and the company’s business and assets as a whole,” said Toone.
“The main factor behind the business going into administration is due to a HMRC bill it has struggled to resolve.
“The pubs are very popular and the business should be profitable and the substantial interest and offers which have been made reflect this.”
Pubs run by Antic Ltd’s parent company Antic are not affected by the administration.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThere were 6,342 recorded company insolvencies in Q2, reflecting a 9% increase compared to the number of insolvencies in Q1, and a 13% increase compar...
View articleBounce Bank Loan Scheme fraud of particular interest Read More...
View articleCompanies will have more trouble raising funds with floating charges as HMRC’s preferential status puts off lenders Read More...
View articleLarge corporations are relying on late payments and governments must better understand the scale of the problem, says Duncan Swift, new president of R...
View articleThe retailer’s recent announcement that they are looking into closing up to 50 of their stores has sparked fresh discussion about the future of bricks...
View articleObservations on the government consultation response of 26 August 2018 by Chris Laughton, a corporate advisory partner at Mercer & Hole Read More...
View articleWhat impact will Brexit have on current insolvency legislation, the UK insolvency sector and cross-border insolvency proceedings? Read More...
View articleMaplin has appointed PwC partners as joint administrators while Toys R Us has selected Moorfields Read More...
View article