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RedCat Leased Pubs Limited enters administration
RedCat Leased Pubs Limited (RCLP), which was founded by former Greene King CEO Rooney Anand, has entered administration.
Nick Holloway and Steve Absolom of Interpath Advisory have been appointed as joint administrators to RCLP, which was a subsidiary of Anand’s RedCat Group, and have already closed five pubs.
According to reports, administrators were appointed after the business was unable to meet its financial obligations and so have started a process to market the leases, business and assets of all of the pubs.
Speaking about the situation, Interpath revealed that RCLP has been “impacted by the wider challenges facing the pub sector, notably, recovery since Covid-related lockdowns, changing consumer habits and the cost-of-living crisis“.
The pub closures include: The Redback based on the Fulham Road in London’s Fulham; Chiltern Taps located on Oxford Road in High Wycombe; the Elmbridge Arms based on Weybridge High Street in Weybridge; The Gatehouse based on the High Street, in Tonbridge and the Colton Arms based on Greyhound Road in London’s West Kensington.
Interpath Advisory managing director Nick Holloway said: “RCLP comprises a group of pub sites in prominent locations, predominantly in London and the South East. Financial challenges have weighed heavily on the company in recent years which rendered it unable to continue in its current form. The administration now provides a period in which we can undertake a marketing process to explore a sale of business and assets of the pubs either individually or as a group. We expect interest from across the industry. Regrettably, the financial position of the business means that five sites have now closed.”
All other RedCat Group entities continue to trade as normal. These include three sites remaining open under sub-tenant agreements – Garden Farm in Chester-Le- Street, County Durham; the Railway Tavern in Edmonton, north London; and the Cumberland Arms in Kensington, West London. Each of these will continue to trade along with two of the managed sites – the Bull Inn, Barming, in Maidstone, Kent, and the Occasional Half in Palmers Green, Enfield, north London.