Pub owner Farlane Property Group calls in administrators
A property company which owned 43 pubs throughout the UK has entered administration.
Farlane Property Group has no direct employees within its pubs business because they are managed indepedently by a third party.
Administrators PricewaterhouseCoopers, who were called in on Tuesday to deal with the company, said that around 14 of the pubs were untenanted.
Farlane Property also owns the freehold of the Windwhistle Golf Club at Cricket St Thomas, Near Chard, Somerset, as well as two residential properties in London and two development land lots in Camberley, and Northamptonshire.
Mike Jervis, joint administrator said: "Farlane Property Group has suffered as a result of the current economic challenges facing the hospitality and leisure industry which resulted in ongoing losses in the golf business and a deterioration in trading in the pub portfolio. Having run out of alternative options, the directors of Farlane Property Group sought the protection of administration.
"Our immediate priority is to seek a buyer for the golf club as a going concern in order to enable its long term survival and preserve the jobs of the employees. While a buyer for the business is sought, we expect to continue trading and we will work with the existing management team, suppliers, employees and customers to try and ensure that we achieve a positive solution".
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By Neil Gerrard
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