Acquisitive pub companies are already eyeing up the assets of the Maclay Group who went into administration at the end of January. At the time the directors of Maclay Group plc issued a statement saying that they had failed to ‘find a strategic solution to financial pressures facing the business.’
As a result the company appointed Ernst & Young (EY), and Colin Dempster and Gavin Yuill took on joint-administration duties. Almost immediately EY confirmed that it has already had a “number of expressions of interest.”
Despite managing 28 pubs, only 15 were in direct ownership, the remaining 13 pubs are managed properties.
Gavin Yuill said, “Faced with an unexpected funding requirement, the directors of Maclay Group plc and its trading subsidiary Maclay Inns Ltd decided to call in administrators to protect the business and safeguard jobs.”
He continued, “The contract for seven managed properties immediately transferred to LT Pub Management. EY will continue to trade the fifteen properties owned by Maclay Inns Ltd, plus the five managed properties, as a going concern while a buyer is sought.
He concluded, “The underlying business remains strong and we have received a number of expressions of interest as might have been expected given the esteem in which the brand is held.”
Tennent’s, who could be one of the companies biggest creditors, and who in 2012 entered into a supplier agreement with Maclays, which also included an equity involvement, released a statement from Brian Calder, CEO. He said, “We can confirm that Tennent Caledonian Breweries (TCB) is a supplier to, and has an equity involvement in Maclay Group plc. Following the announcement by Maclay Group TCB will work with the bank, the administrators and other shareholders to optimise value for all stakeholders.”
Properties owned by Maclay Inns Ltd (Not traded by EY):- Abbey Inn & Bull Inn, Paisley; The Bank, Lansdowne Bar & Kitchen, The Lee and Three Judges, Glasgow; Braes, Dundee; East Port Bar, Dunfermline; Lorne Bar, Oban; The Rule St Andrews; Southsider, Edinburgh; Tullie Inn, Balloch; Village Inn, Arrochar and West Port Hotel, Linlithgow. The five managed by Maclay Inns (now managed by EY) are Clerk’s Bar, Edinburgh; The Hope, Munro’s and The Raven in Glasgow and The Wick in Prestwick. The management contract for seven pubs are been transferred to LT Pub Management. They are Canal Station, Paisley; Clockwork Beer Co and DRAM Glasgow; Dog House, Balloch; Laird & Dog, Lasswade; The Steading, Edinburgh and Wheel Inn, Perth.EY
The Alloa-based group, which last filed consolidated accounts with Companies House for a 16-month reporting period, ending 1st February 2014, said at that point that operating profits had dipped 15% to £604,616 against £718,302 for the 12-month 2012 financial year. Turnover rose to £13.52m for the 16-month against £10.43m reported for 2012, but its pre-tax loss was £199,819. It didn’t manage, according to notes in the accounts, to secure its term loan facility of £10.5m with Lloyds Banking Group, until February, 2014.
Ernst & Young (EY), who were appointed administrators of the MacLay pub group on Friday, have revealed that the two men handling the administration are Colin Dempster and Gavin Yuill. EY has also confirmed that it has already had a “number of expressions of interest.”
The administrator also released a full-list of the MacLays pubs – 15 of which are owned by the group, five are run under a management contract and a further seven properties which were transferred to LT Pub Management, a completely separate company, on Friday evening.
Joint administrator Gavin Yuill re-iterated the statement from EY on Friday when he said, “Faced with an unexpected funding requirement, the directors of Maclay Group plc and its trading subsidiary Maclay Inns Ltd decided to call in administrators to protect the business and safeguard jobs.”
He continued, “The contract for seven managed properties immediately transferred to LT Pub Management. EY will continue to trade the fifteen properties owned by Maclay Inns Ltd, plus the five managed properties as a going concern while a buyer is sought.
“The underlying business remains strong and we have received a number of expressions of interest as might have been expected given the esteem in which the brand is held.”
Speculation surrounds the fact that the administrators have revealed that the company had an “unexpected funding requirement.”
In February 2014, according to notes that appeared in the Group’s accounts, filed at Companies House its term loan facility of £10.5m with Lloyds Banking Group, “was not formally agreed until February 11, 2014.
Properties owned by Maclay Inns Ltd:- Abbey Inn & Bull Inn, Paisley; The Bank, Lansdowne Bar & Kitchen, The Lee and Three Judges, Glasgow; Braes, Dundee; East Port Bar, Dunfermline; Lorne Bar, Oban; The Rule, St Andrews; Southsider, Edinburgh; Tullie Inn, Balloch; Village Inn, Arrochar and West Port Hotel, Linlithgow. The five managed by Maclay Inns (now managed by EY) are Clerk’s Bar, Edinburgh; The Hope, Munro’s and The Raven in Glasgow and The Wick in Prestwick. The management contract for seven pubs have been transferred to LT Pub Management. They are Canal Station, Paisley; Clockwork Beer Co and DRAM Glasgow; Dog House, Balloch; Laird & Dog, Lasswade; The Steading, Edinburgh and Wheel Inn, Perth.
Peter Bronsman, owner of Kopparberg Brewery has been awarded Sweden’s Entrepreneur of the Year Award by Ernst & Young, and will now join the world finals hosted in Monte Carlo later this spring.
Speaking at the presentation, Bronsman said “I’m very humbled by the Award but it’s important to also recognise the time, dedication and energy invested by the wider team to make this business the success that it has become today”.
Bronsman took over Kopparbergs Bryggeri in 1994, and since then he has driven significant growth for the business, building a portfolio of premium brands and achieving distribution in over 30 countries worldwide . Today, the Kopparberg Bryggeri remains independently-owned and despite all of its success, the same family values that Bronsman first instilled in the business almost twenty years ago, remain at its very heart.
His most notable success that helped him stand apart from the competition has been his enthusiasm to push through bold initiatives which have shaped the drinks industry not only in Sweden, but here, in the UK. Seeing the potential in a sweeter-tasting cider market, Bronsman was first to market with a brand that sparked not only a new taste profile, but a new category. Kopparberg created the Fruit Cider category when it launched in 2006 and over the last seven years has succeeded in the most competitive cider market in the world. Latest research from Mintel suggests that the category is now consumed by almost a quarter of UK adults, naming Kopparberg as one of the ‘star-performers’ in the last 12 months.*
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OKPrivacy Policy