Julie Palmer and Steve Powell were appointed as joint administrators on Friday 1 March of the Veeno group of companies, which operates a national chain of wine bar cafes including venues in the South West, the Midlands, the North West, Yorkshire and Scotland. The assignment, which has been co-ordinated from Begbies’ Salisbury office, has resulted in the successful sale of the business and assets of nine of the venues to a new investor-backed group which has secured the jobs of 68 of the group’s employees.
Commenting upon the outcome on behalf of the joint administrators, Julie Palmer said: “The restaurant and bar sector in the UK continues to display signs of distress with the adverse effects of the economy on discretionary spend making it difficult to sustain profitable operations. That said, where there is a unique offering and customer experience, as is the case with Veeno, it is hoped that the restructuring that the business has undergone will allow it to prosper going forwards”.
Begbies Traynor were advised by a team from JMW Solicitors led by Richard Wolff, Head of Corporate Recovery and Insolvency.
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