Six Botanic Inns bars sold out of administration

Six bars belonging to beleaguered Northern Ireland pub group Botanic Inns have been sold, after the company fell into administration last week.

Administrators KPMG said that 300 jobs will saved as a result of the sale.

The Horatio Group was reported to have picked up the pubs, as well as the off licence chain DR:NK, for an as-yet undisclosed sum, according to the Belfast Telegraph.

Stephen Magorrian, former managing director of Botanic Inns, recently set up three companies: Horatio Enterprise, Horatio Taverns and The Fly Bar - indicating he is involved in the buy out.

The businesses that have been sold are the Botanic Inn, Madisons Hotel, the King's Head, the Northern Whig, the Elms and the Fly.

The seven operations still being run by the administrators are: the Apartment, the Kitchen Bar, McHugh's, the Parador, Molly Browns, Denvirs and Ryan's Bar.

Joint administrators John Hansen and Stuart Irwin said they were confident of achieving a successful sale of these venues in due course and also securing the employment of the remaining 300-plus staff.

The Botanic Inns group ran into problems last month over an outstanding debt of more than £60,000 owed to the landlords of its Belfast headquarters.