According to our sister title M&C Report, 25 Bramwell pubs will shut up shop immediately as the Marlow-based firm has experienced cash-flow problems arising from the ‘challenging economic environment’.
Zolfo Cooper has been appointed as a joint-administrator of the company, with partner Peter Saville claiming the firm will now be ‘exploring all possible options for its future’.
“We will continue to trade the business and would like to thank the staff for their continued support and professionalism during this process,” he said.
The former Barracuda Pub Company completed a restructuring last September, which saw ex-Mitchells & Butlers chief executive Adam Fowle appointed as chairman and the newly-formed operating company, ‘Bramwell’, benefitting from a credit facility of up to £10m from new backer Värde Partners.
At that time, Bramwell’s chief executive Roger Moxham said the blend of debt and equity gave the Company an ‘optimal capital structure’ to support the execution of its business plan.
“Looking forward, we will be able to invest in our assets enhancing the customer experience and developing the Company,” he said. “We are very excited about the future and confident that the Company is in good shape to make significant, sustained progress in line with our business plan.”
Wild Lime Bar
Over the past year, the business launched craft beer bar format The Long Room on the site of The Gate near Farringdon Station. And it unveiled a new food-led café/bar concept called Wild Lime Bar & Kitchen, which, according to M&C Report, is currently assessing over three pilot sites with a view to expanding to up to 100 units.
The TDR Capital-backed Stonegate Pub Company is now in advanced talks to acquire c80 of Bramwell’s Smith & Jones-branded pubs. These talks are on-going with a deal likely to be completed over the coming few weeks.
In the meantime, the Joint Administrators will continue to trade the majority of the estate while exploring a range of options including the sale of parts of the business as a going concern.