FRP Advisory, the specialist restructuring and advisory firm, confirms that its partners Andrew Sheridan and Gareth Morris have been appointed joint administrators to Singer Inns and Taverns Limited the operator of six public houses in Devon and Somerset.
Three of the Devon pubs are already being operated by new tenants which has secured ongoing employment for all 46 staff with continuous trading at: the Inn on the Shore in Torpoint owned by Punch Taverns, securing 13 jobs; the Cherub in Dartmouth securing 14 jobs; and the Kings Arms in Tedburn St Mary securing 19 jobs.
The Orchard Inn, formerly trading as the Royal Oak and located at Hill Common, Taunton in Somerset continues to trade as normal while the joint administrators have instructed Jones Lang LaSalle in Exeter to market the pub for sale as a freehold gastro pub. The Orchard Inn is being managed by Licensed Solutions Limited, a hospitality management firm brought in to ensure a continuous high quality service to the pub’s loyal customer base.
Both the Globe Inn in Sampford Peverell, Tiverton, and the Dartmoor Halfway Inn in Bickerton, Newton Abbott have ceased trading with the leases for each premises reverting back to their landlord brewer owners. Enterprise Inns is the landlord for the Globe Inn; Heavitree Brewery is the landlord for the Dartmoor Halfway Inn.
Andrew Sheridan, joint administrator at FRP Advisory, said: “Singer Inns operated well-known local community pubs and each enjoyed a history of good trading. Sadly, despite the strong underlying operational performance of the pubs, the company had too much debt to service having paid significant premiums for some of their leases and for the freehold at the top of the market and ultimately they simply ran out of cash.
“We are pleased that already 46 jobs have been saved and we are confident that The Orchard Inn will be sold to new owners saving another 14 jobs. Trading continues as normal through the administration process and over the past two Sunday lunchtimes, all the covers were sold which is a reflection on the appeal of the pub, the quality of its food and testimony to the friendly and able staff front of house.”
About FRP Advisory
FRP Advisory provides a professional and considered approach to problem solving. With 215 team members including 37 partners operating from 13 office locations across England, Wales and Scotland FRP Advisory is one of the UK’s largest specialists in the area of corporate restructuring, recovery and insolvency with a strong reputation and track record for creating, preserving, and recovering value across a range of complex situations.
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