Mike Jervis and Mike Gercke from PwC were appointed to run the business, which has 20 Brannigans outlets throughout the UK and employs over 700 people. The group’s annual turnover is around £34m.
They were called in as ‘recent trading has not been at a level sufficient to service the group’s debts and consequently pre-tax losses have been suffered’.
Mike Jervis said: ‘There remains considerable potential to further develop the successful Brannigans concept. The outlets are mainly in prime locations and they offer a unique prospect to acquire this successful brand with considerable development upside.’
‘With the Christmas party season nearly upon us, we are aiming to achieve a rapid sale of the business to enable a purchaser to benefit from this lucrative trading period.’
UK private investor Endless LLP acquires the high street retailer, saving 840 jobs
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Political and economic uncertainty behind the fall in confidence
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration