Administration for Popolo owner

ADMINISTRATORS are hunting for a buyer for the company behind the Popolo Bar in Sheffield.

The bar is one of a number of outlets operated by Washington-based Principle Leisure Group which has built up tax arrears after being hit by cash flow problems.

The company has also been hit be the death of director Joseph Peel.

Administrators Andrew Haslam and Gerald Krasner, of Begbies Traynor, are now looking for a buyer for the company.

Mr Haslam said, “Following the receipt of demands from HM Revenue and Customs, the directors attempted to negotiate payment terms, but unfortunate, they were unsuccessful.  In order to ensure that the group was protected and the opportunity provided to place the group on the market, the directors took steps to seek the protection of an administration order.

“The outlets are now being operated under licence whilst a purchaser is sought. The process undertaken will, at least in the short term, protect the contracts of over 300 employees and offer the group the best opportunity to identify a purchaser.”

The administrators have instructed Christie and Co to act as agents on the sale.