United Kingdom

Details

  • Service: Advisory, Transactions & Restructuring
  • Type: Press release
  • Date: 20/11/2013

Administrators appointed to Yales Leisure Limited 

 

Chris Pole and Mark Orton from KPMG’s restructuring practice were appointed joint administrators to Yales Leisure Limited on 13th November.

 

Yales Leisure Limited traded from two freehold premises in Wrexham, operating a café bar (Yales Café), late bar and club (South Central) and live music venue (Central Station).

 

Shortly after the Administrators’ appointment, a licence to occupy was granted in respect of the freehold properties to a potential purchaser, to allow continued operation of the business whilst a sale of the properties is finalised.

 

Commenting on the appointment, Chris Pole, director at KPMG and joint administrator, said: “The business suffered significant losses in the wake of the recession which was exacerbated by the general challenging conditions facing the licensed trade.

 

“We are pleased to have been able to secure a deal to ensure trading continues from the premises, and hope to complete a sale of the properties within the next 28 days.”

 

The company had 53 employees, of which the vast majority were part time bar staff. Following appointment, all employees were made redundant.  However, it is understood that the new occupier of the property has subsequently taken on all of the staff in the continuing business.

 

ENDS

For press queries, please contact:

 

Katy Broomhead, KPMG Corporate Communications

Tel: 0161 246 4623 / 07824 537963

Email: katy.broomhead@kpmg.co.uk

 

KPMG Press office: 020 7694 8773

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff.  The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

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