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| Version 3 | Version 4 |
|---|---|
| Nightspot firm in administration | Nightspot firm in administration |
| (about 2 hours later) | |
| The firm which runs some of Belfast's best known bars and nightspots has gone into administration. | The firm which runs some of Belfast's best known bars and nightspots has gone into administration. |
| Ultimate Leisure Limited has had administrators appointed after its parent company ran up debts of £40m. | Ultimate Leisure Limited has had administrators appointed after its parent company ran up debts of £40m. |
| Chichester Street's Advocate bar has closed, while others in the group will continue to trade in administration. | Chichester Street's Advocate bar has closed, while others in the group will continue to trade in administration. |
| These include the Potthouse in the Cathedral Quarter, Bambu Beach Club at the Odyssey, Irene and Nan's and Bar Baca close to Great Victoria Street. | These include the Potthouse in the Cathedral Quarter, Bambu Beach Club at the Odyssey, Irene and Nan's and Bar Baca close to Great Victoria Street. |
| Staff at the various bars and clubs have been informed and given assurances over back pay. | Staff at the various bars and clubs have been informed and given assurances over back pay. |
| The administrators say the bars and clubs will continue to trade while efforts are made to find a buyer or buyers. | The administrators say the bars and clubs will continue to trade while efforts are made to find a buyer or buyers. |
| Ultimate Leisure's parent is a subsidiary of the national Premium Bars and restaurants group. | Ultimate Leisure's parent is a subsidiary of the national Premium Bars and restaurants group. |
| Dermot Power, business restructuring partner at BDO Stoy Hayward, said: "All of the names in the Premium Bars and Restaurants Plc portfolio are well known on high streets throughout the UK and Ireland. | Dermot Power, business restructuring partner at BDO Stoy Hayward, said: "All of the names in the Premium Bars and Restaurants Plc portfolio are well known on high streets throughout the UK and Ireland. |
| Downturn | Downturn |
| "The outlets continue to attract loyalty from their wide customer base. | "The outlets continue to attract loyalty from their wide customer base. |
| "The sudden and sharp economic downturn, and subsequent recession, has impacted on the usually high disposable income of the Group's target market. | "The sudden and sharp economic downturn, and subsequent recession, has impacted on the usually high disposable income of the Group's target market. |
| "These customers have begun to select the weekend for their discretionary spend. This shift has impacted significantly on a business with high fixed overheads. | "These customers have begun to select the weekend for their discretionary spend. This shift has impacted significantly on a business with high fixed overheads. |
| "We are currently in discussions with several interested parties and are confident of securing a sale of the business." | "We are currently in discussions with several interested parties and are confident of securing a sale of the business." |
| The company had been on the brink of collapse for weeks while the owners tried to put together a deal with London property investors the Reuben brothers. | The company had been on the brink of collapse for weeks while the owners tried to put together a deal with London property investors the Reuben brothers. |
| However, the brothers' company pulled out of an offer to buy the chain of bars after it was unable to agree terms on a takeover offer with lenders who are owed about £40m. | However, the brothers' company pulled out of an offer to buy the chain of bars after it was unable to agree terms on a takeover offer with lenders who are owed about £40m. |
| Ultimate's Bankers, led by Royal Bank of Scotland, are believed to have been unhappy at the amount of debt they would have had to write off. |