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Fri 23rd Jan 2015 - Maclay Group goes into administration
Maclay Group goes into administration: Maclay Group, the Scottish pub and bar operator, has gone into administration after hitting what was described as "an unexpected funding requirement". The Alloa-based company announced this evening that it had appointed EY (formerly Ernst & Young) as administrators with a view to a sale. In a statement, the company's directors said: "In recent months the directors have been seeking a strategic solution to the financial pressures facing the business. In light of a solution not emerging in the time available, the directors took this decision in order to protect the employment of its 500 staff and the business, which remains profitable." Maclay Group, which dates back to 1830, currently owns 15 pubs and bars across central Scotland, from Oban to Edinburgh. It also managed another 12 pubs and bars, the management contracts for seven of which have now been transferred to LT Pub Management, the UK’s leading out-sourced pub, restaurant and leisure management company. The remaining five managed pubs, plus the 12 owned outlets, will now be run by EY. Ross Nisbet of EY said: "The business came up against an unexpected funding requirement. However, it remains viable and we are confident of finding a buyer." Last August the company had reported a 6% rise in average profit per pub and a £500,000 reduction in its debt, while announcing a pre-tax loss of £200,000 for the 16 months to 1 February 2014. It said operating profits for the period dipped 15%. Among the larger shareholders in Maclay's is the Glasgow brewer Tennent Caledonian, which has a 25% stake. Brian Calder, chief executive of  Tennent Caledonian, said: “We can confirm that TCB is a supplier to and has an equity involvement in Maclay Group. Following today’s announcement by Maclay Group, TCB will work with the bank, the administrators and other shareholders to optimise value for all stakeholders.”


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