Pre-pack administration deal saves 240 jobs at bar business
A Yorkshire-based bar company which went into administration earlier this month has had its business and assets sold in a pre-pack deal.
Ormsborough Limited, a company backed by funds managed by Downing and owner of 100% of the share capital in Potting Shed Trading Limited (PSTL), had previously confirmed that following an asset sale process conducted by Christie & Co, PSTL was placed into administration on 3 December 2019.
A statement released by Royce Peeling Green chartered accountants said: “The offers received from the sale process failed to reach the level of the debt in PSTL and due to a shortage of cash, its position became untenable.
“Alan Coleman and James Fish both at Royce Peeling Green have been appointed as the joint administrators.
“The business and assets of the company were sold in a pre-packaged administration safeguarding all 240 employees. Unfortunately no further information is available at this stage due to confidentiality agreements within the sale agreement.”
Bingley-based Ormsborough runs venues based in Bingley, Beverley, Northallerton, Guiseley, Halifax and Southport under the Potting Shed Bar and Gardens, and FirePit Smokehouse & Sports Bar brands.
