administrators have been appointed to pub and hotel chain Maypole.
Simon Bower and Bruce Mackay, restructuring and recovery partners at Baker
Tilly, were named joint administrators. They will continue to trade the
business, while trying to sell the chain as a going concern.
Bower said: “The prospects for selling the group remain strong and a number
of parties have already come forward.”
Maypole runs a
chain of pubs and restaurants that double up as hotels, across Norfolk, Suffolk
and Wiltshire. The company was founded in November 2003.
The business’ pre-tax loss for the year to 31 December 2009 was £465,000. The
previous year that figure stood at a whopping £1.2m,
The business suspended trading of shares on the AIM market earlier this week.
It also announced Clydesdale Bank “demanded repayments of its loans” and the
bank and business were in discussions regarding an appointment of
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