Midlands bar and restaurant chain sold to new buyer
Bar and restaurant chain, Town and Country, operate various venues across the Midlands. These include two Apres bars in Birmingham and Cheltenham, two Fleet Street Kitchens in Birmingham and Sutton Coldfield, and the Mechu Bar and Grill Club, on Summer Row, Birmingham.
At the time of seeking the advice of Real Business Rescue (part of the Begbies Traynor Group), a total of 115 staff were employed across the establishments, with a further nine people working in its head office.
The business suffered a downturn in takings thanks to a decline in footfall across a number of the establishments. This slump was attributed to roadworks associated with the £500 million Paradise project, parallel to the Mechu Bar and Grill, a venue which is responsible for 70 per cent of the company’s turnover.
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With the obstructive roadworks ongoing, the company was unable to carry on trading with no prospect of trade picking up. Real Business Rescue was appointed to handle the company’s affairs and work out a way forward. After placing the company into liquidation, the business was later sold to a newly-formed company.
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As a result of the sale, all branches, with the exception of the Apres venue in Cheltenham, were spared closure and continue to trade as normal. This allowed for almost 100 jobs to be saved by the sale out of administration.
Still unsure whether liquidation is right for your company? Don't worry, the experts at Real Business Rescue are here to help. Our licensed insolvency practitioners will take the time to understand the problems your company is facing before recommending the best course of action going forward based on your own unique circumstances.