Nightclub calls in GT administrators
Nightclub and bar operator Po Na Na has called in administrators from Grant Thornton after the Royal Bank of Scotland refused crucial top-up funds.
The club, which operates country-wide with earnings of £2.5m last year, had its shares suspended last Tuesday and applied for administration.
Last week, chairman Christian Arden unsuccessfuly attempted to get extra funds from RBS to plug its financial hole.
The High Court yesterday appointed Grant Thornton partners Martin Ellis, David Thurgood and Malcolm Shierson to trade the club whilst trying to find buyers for 45 of its clubs which trade under the Po Na Na and Fez bar brands.
A spokesman for Grant Thornton said: ‘The root of its problems is that Po Na Na expanded into northern towns, what they are calling their non-core business. The board tried to sell the clubs when they were doing badly, but were unsuccessful.’