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North East Leisure Business Sold

Administration

| February 7th 2012

More News by Gillian Sayburn

Joint administrators Andrew Haslam and Gerald Krasner of Begbies Traynor have confirmed the completion of the sale of the remaining parts of Principle Leisure (North East) Limited to Popolo Leisure Limited.

Since its administration in April 2011, the business was operated by the administrators under licence until agreements could be reached with the multiple landlords to allow the previously exchanged contract to complete on Wednesday 1 February 2012.

Joint administrator Andrew Haslam of Begbies Traynor in Newcastle upon Tyne, commented: "It is very satisfying to finally bring this matter to a successful conclusion, resulting in the ongoing trade of all of the outlets as well as the retention of over 300 employees.

“The sale process has been long and fraught, and I would like to thank both Irwin Mitchell, which acted on behalf of the administrators, and Mincoffs Solicitors, which represented the purchasers, for their unwavering efforts to overcome the challenges we faced given the current economic climate. I am sure the business has a bright future ahead under the ownership of Popolo Leisure Limited."

Chris Jones, insolvency partner at law firm Irwin Mitchell, said: “Following such a complex and lengthy transaction, it is extremely pleasing to complete the sale and safeguard the future of 300 jobs. The number one priority since the company went into administration has been to ensure that it could continue to trade and, therefore, provide a viable business for the new owners. This has now been done and we wish Popolo Leisure a successful future.”

Principle Leisure (North East) Limited comprises the following bars and restaurants: Popolo Newcastle; Popolo Sheffield; San Lorenzo Gosforth; San Lorenzo Cramlington; and Establishment Sunderland The company was previously part of Washington-based Principle Leisure Group.


About the author

Gillian Sayburn

Director

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A Chartered Certified Accountant and Licensed Insolvency Practitioner, Gillian has been involved in business rescue recovery and insolvency since 1999.  She began her career with KPMG before joining Begbies Traynor’s head office in Manchester, moving to the Begbies Traynor Nottingham office in 2004 before returning to her native northeast to join the newly opened Newcastle office at the end of 2008.

Gillian was involved in the opening of a further northeast office in Teesside in 2010 and now spends her time between the two offices.

She is also an ACCA Northern Counties Panel member.

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