RSM Bentley Jennison appointed administrators at Moorgate Taverns
Hertfordshire and South Coast pub chain goes into administration following tough market conditions
Simon Thomas and Fred Satow of RSM Bentley Jennison have been appointed
administrators to Moorgate Taverns, the pub operators with approximately ten
freehold public houses in their portfolio.
The properties owned by the company are largely based in Hertfordshire and
along the South coast, with a mix of managed and tenanted houses.
A statement by the administrators has said: “As a result of the general
economic environment, Moorgate has been trading at a loss after finance costs
and, due to the downturn in pub values, has been unable to fund the ongoing
losses.”
Simon Thomas, joint administrator said: “The business will continue to trade
as usual whilst the best strategy is assessed in order to maximise the potential
return for the creditors.”
Moorgate Taverns is a wholly owned subsidiary of ‘Pubs n Bars’ which will
continue to trade as normal.
RSM has been advising the company’s bank, Clydesdale for some months the
Publican reported.
The value of the pubs is estimated to be worth £8m in the year ending
December 21 2008, with debts owed estimated to be £7m.