Propel Morning Briefing Mast Head Propel Hospitaliity website Paul's Twitter Link Subscribe Unsubscribe Web Version Forward Email Swifty Banner Morning Briefing Strap Line
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.”

Return to Archive Click Here to Return to the Archive Listing
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
McCain Banner
Zapaygo Banner
Matthew Clark Banner
Deliverect Banner
A2Z Masks Banner
Pub Plants Banner
Yoello Banner
Ei Group Banner
OrderPay Banner
TipJar Banner
Trail Banner
Odamo Banner
Arla Foods Banner
Nestle Waters Banner
Yumpingo Banner
Camile Banner
Pepper Banner
The Leisure and Hospitality Collective Banner
LunchMate Banner
Biff's Banner
Zonal Banner
Swifty Banner
Yudu Banner
Orderbee Banner
Startle Banner
Pago Banner
Access Banner
Ten Kites Banner
Prestige Purchasing Banner
IOL Banner
COREcruitment Banner
Punch Taverns Link Punch Taverns Link
Wi5 Banner
ALMR Web Link Web Version Unsubscribe Subscribe Propel Info website