Parts of RedCat Pub Company, formed by former Greene King boss Rooney Anand, are to be placed into administration, with 14 other sites placed on the market.
Nick Holloway and Steve Absolom, of Interpath Advisory, were appointed as joint administrators to RedCat Leased Pubs Limited (‘RCLP’ or ‘the Company’) on Thursday.
RCLP operates ten pubs across the UK and is a subsidiary of the RedCat Group. All other RedCat Group entities continue to trade as normal.
The company has been affected by the wider challenges facing the pub sector, notably recovery since Covid-related lockdowns, changing consumer habits, and the cost of living crisis. Joint administrators were appointed after the loss-making business was unable to meet its financial obligations.
They have commenced a process to market the leases, business, and assets of all of the pubs. The three tenanted sites will continue to trade together with two of the managed sites. Upon appointment, the remaining five sites have been closed. RCLP has no employees.
Sites that remain open under sub-tenant agreements are:
- Garden Farm, Chester-Le-Street
- Railway Tavern, Edmonton
- Cumberland Arms, Kensington, London
Managed sites that remain open are:
- The Bull Inn, Barming, Maidstone
- The Occasional Half, Palmers Green, Enfield
Site closures are:
- The Redback, Fulham, London
- Chiltern Taps, High Wycombe
- Elmbridge Arms, Weybridge
- The Gatehouse, Tonbridge
- Colton Arms, West Kensington, London
Nick Holloway, managing director of Interpath Advisory and joint administrator of RCLP, said: “RCLP comprises a group of pub sites in prominent locations, predominantly in London and the South East. Financial challenges have weighed heavily on the company in recent years, which rendered it unable to continue in its current form.
“The administration now provides a period in which we can undertake a marketing process to explore a sale of business and assets of the pubs either individually or as a group. We expect interest from across the industry. Regrettably, the financial position of the business means that five sites have now closed.”
