Bar Operations in administration
The company which owns Sunderland bar Paddywacks has entered administration.
PricewaterhouseCoopers (PwC) said it had been appointed administrator of Bar Operations on 21 June 2011. Bar Operations' other investments include a subsidiary company, Hoffman Inns, which remains outside of any insolvency process. Both businesses are continuing to trade as usual.
The appointment of administrators is a result of cash flow difficulties leading to increased creditor pressure and, ultimately, a winding-up order being filed against Bar Operations.
PwC said it was working to secure a buyer for the business and assets of Bar Operations and its subsidiary, Hoffman Inns.
Bar Operations Limited employs 32 staff. No redundancies have been made since the administrators' appointment.
Ian Green, joint administrator of Bar Operations and a partner at PwC, said: "Trading has suffered in recent months and the administration is clearly disappointing news for all of the stakeholders, and employees in particular. However, we are looking to secure a rapid sale of the business and assets of Bar Operations and also to realise the investment in Hoffman Inns .Consequently, we are very keen to speak to anyone who might have an interest in these acquisition opportunities."
Tony Griffiths, director of Bar Operations, said: "We are devastated by the administration appointment, however we are working alongside the administrators to find a buyer for the business to secure the jobs of our employees."
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By Neil Gerrard
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