Seafood Pub Company enters administration

According to the Lancashire​​ Telegraph​​​,​ the business called in the administrators last week after failing to secure funding to help support it through the ongoing Coronavirus lockdown.

In a letter, founder Joycelyn Neve said the group had not been able to secure a loan under the Government's Business Interruption Loan Scheme, and subsequent investor fundraisers and management buyout attempts had also failed. 

“Without funding and no income since the forced closure, we have no choice other than for the business to go into administration,” she wrote. 

Founded in 2010, The Seafood Pub Company operated 10 sites across Lancashire and Yorkshire including Assheton Arms in Downham; Derby Arms in Longridge; and The Oyster & Otter in Blackburn

It was named Food-Led Pub Company of the Year at Restaurant​ magazine's annual R200 Awards last December. 

In its most recent filings for the year ended 31 December 2018, the group posted an operating loss of more than £1m, which it attributed to a number of 'one-off expenses' including system improvements, restructuring, and the exit of one 'non-core' site.

However, it was noted in the same filings that the group did not expect the costs to repeat in future years.

In a statement to the press, Neve said: “The past few months has been unprecedented for the hospitality industry. Unable to access Government support or other funding, and with no income since the forced closure, there is no choice other than for the business to go into administration.

"It goes without saying I am truly heartbroken, to have lost my business, but even more so for my team and seafood family.

“We fought as hard as possible, every step of the way and I am just so sorry to all the team that we weren’t able to save the business. 

“I can’t thank the team, guests, suppliers, neighbours and everyone who has been part of Seafood Pub Company enough, for your hard work, support and friendship the past nine years and especially for your kindness and well wishes in this incredibly difficult time.”