The Steading - Staging Dram Scotland

MACLAY ADMINISTRATORS CONFIRM INTEREST ALREADY SHOWN IN PUB ESTATE

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.

26/01/2015Tags: Abbey Inn, Abbey Inn & Bull Inn, Arrochar, Arrochar and West Port Hotel, Balloch, Braes, Bull Inn, Canal Station, Clerk's Bar, Clockwork Beer Co, Colin Dempster, Dog House, DRAM Glasgow, Dundee, dunfermline, East Port Bar, Edinburgh, Ernst & Young, EY, Gavin Yuill, Glasgow, Laird & Dog, Lansdowne Bar & Kitchen, lasswade, Linlithgow, Lloyds Bank, Maclay Group, Maclay Inns, Munro's, Oban, Paisley, Perth, Prestwick, Southsider, st andrews, The Bank, The Hope, The Lee, The Raven, The Rule, The Steading, The Wick, Three Judges, Tullie Inn, West Port Hotel, Wheel Inn

SCOTTISH PUB GROUP MACLAYS CALLS IN ADMINISTRATORS

The directors of Maclay Group plc today announced that they have been forced to call in the Administrators after failing to” find a strategic solution to financial pressures facing the business.”

As a result the company has appointed EY as Administrators in a bid to protect the employment of some 500 staff across the 15 pubs and bars it currently owns. However for pubs within the company’s managed estate, seven have been transferred to LT Pub Management. They are Canal Station in Paisley, the Clockwork Beer Co in Cathcart, the Dog House in Balloch, Dram in Glasgow, Laird & Dog in Lasswade, The Steading in Edinburgh and the Wheel Inn in Perth. The administrators EY will honour the contracts for a further five managed houses which are Clerk’s Bar in Edinburgh, The Hope, Munro’s and The Raven all in Glasgow and The Wick in Prestwick.

Administrator Ross Nisbet told DRAM, “We only took over today (23rd January) and we will run the business as normal. We haven’t had an opportunity to look at the books fully but we understand that the underlying business is strong and profitable. It was just that the company had an unexpected funding requirement which led to our appointment. We will trade the company with a view to a sale.”

The pubs owned by Maclay Inns Ltd include Braes in Dundee, the Lansdowne Bar and Kitchen and the Three Judges in Partick and The Tullie Inn in Balloch.

Tennent’s who in 2012 entered into a supplier agreement with Maclays, which also included an equity involvement, released a statement from Brian Calder, CEO Tennent Caledonian Breweries. He said, “We can confirm that Tennent Caledonian Breweries (TCB) is a supplier to and has an equity involvement in Maclay Group plc. Following today’s announcement by Maclay Group TCB will work with the bank, the administrators and other shareholders to optimise value for all stakeholders. ”

The Alloa-based group, run by Steve Mallon, last filed consolidated accounts with Companies House for a 16-month reporting period, ending 1^st February 2014. These figures revealed that operating profits had dipped 15% to £604,616 against £718,302 for the 12-month 2012 financial year. Turnover rose to £13.52 million for the 16-month against £10.43 million reported for 2012, but its pre-tax loss was £199,819.

For more information please contact the Administrators:

Ross Nisbet at EY T: 0131 777 2810

23/01/2015Tags: Balloch, Brian Calder, Canal Station, Cathcart, Clerk's Bar, Clockwork Beer Co, Dog House, dram, Edinburgh, EY, Glasgow, Laird & Dog, lasswade, LT Pub Management, Maclay Group, Maclay Inns, Munro's, Paisley, Perth, Ross Nisbet, Tennents, The Hope, The Raven, The Steading, The Wick, Wheel Inn

Tag: The Steading

MACLAY ADMINISTRATORS CONFIRM INTEREST ALREADY SHOWN IN PUB ESTATE

SCOTTISH PUB GROUP MACLAYS CALLS IN ADMINISTRATORS