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Chantrey Vellacott administrators may call time on Antic pubs

Failure to pick up a tax tab forces pub chain to call in Chantrey Vellacott DFK administrators

23 Jan 2013 Accountancy Age

By Rachael Singh

Richard Toone

CHANTREY VELLACOTT DFK administrators have been appointed to pub chain Antic Ltd after a HMRC bill has toppled the business.

Richard Toone (pictured), David Oprey and Kevin Murphy, partners at the restructuring firm, were appointed joint administrators.

Antic Ltd has 14 pubs in its portfolio. However, one is currently closed due to a fire that occurred in December and another has yet to open due to a lack of capital in undertaking refurbishment work.

The administrators said that the business ran into problems when it struggled to resolve a tax bill.

The administrators claim there is significant interest in the chain and they are confident of a sale or rescue deals such as a Company Voluntary Arrangement (CVA). In this type of deal, the administrators will agree a reduction in the debt and a repayment over a contracted period of time, usually three years.

"We are welcoming offers on each of the individual leaseholds, and the company's business and assets as a whole," said Toone.

"The main factor behind the business going into administration is due to a HMRC bill it has struggled to resolve.

"The pubs are very popular and the business should be profitable and the substantial interest and offers which have been made reflect this." 

Pubs run by Antic Ltd's parent company Antic are not affected by the administration.

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