Waterside PUB Partnership LLP (OC310024): administration
- Status
- Administration ended
- Administration began
- 2011-04-14
- Administrators' firm
- PwC
- Incorporated
- 2004-11-16
- Location
- London
Why it went into administration
- Funding withdrawn / unable to refinance
- Rising costs / inflation
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
During 2008 and 2009 the Partnership, like many other pub operators, began to experience mcreasingly difficult trading conditions, primanily as a result of the economic downturn, the smoking ban, minimum wage mcreases, increased beer and spirit duties and stronger competition from supermarkets This led toa reduction in both the Partnership's asset \alues and income, and ultimately led to a breach of its banking covenants
In consideration of the above, at the end of 2009 the members of the Partnership took the decision to wind down the business and commenced an orderly programme of asset disposals, durimg which specialist agents were appomted to market the pubs for sale. This resulted im the sale of 27 of the 44 pubs owned by the Partnership at that time
Despite these pub sales, the Partnership remamed im breach of its banking covenants and it became apparent that it required further funding 1m order for the business to contnnue to trade whilst a sale of the remainder of the properties was progressed It 1s understood that the Partnership was engaged 1n discussions with the Bank from the end of 2009 until the Admunistrators’ appointment, with the aim of securmg additional funding and rectifying the covenant position
Administrators' statement of proposals (2011-06-23) · Companies House register