12:21 Tuesday 24 June 2014

High Flyer pub in Ely is placed in administration

Written byJORDAN DAY

The High Flyer in Newnham Street, Ely. The High Flyer in Newnham Street, Ely.

A popular pub/restaurant in Ely has been placed in administration.

The High Flyer, in Newnham Street, is one of 49 Orchid Pub and Restaurants Limited venues which have been officially placed into administration.

More than 930 people are employed in the venues, which are located across the country.

However, Ernst and Young LLP, which is the appointed administrator, is assuring people that the High Flyer, and all the other premises, will continue to trade “without interruption” until a buyer is found.

Alan Hudson, Angela Swarbrick and Craig Lewis, all from Ernst and Young, have been appointed as the joint administrators.

Mr Hudson said: “The pub and restaurant industry has faced increased challenges over recent years as consumers’ disposable income has been squeezed resulting in a significant fall in discretionary spending.

“These challenging conditions have led to a decline of sales across the Orchid Pubs and Restaurants Limited portfolio and resulted in these 49 pubs and restaurants being unable to continue to operate outside of administration.

“The pubs and restaurants will continue to trade without interruption as a going concern while we seek to find a buyer.

“We are keen to stress that customers will continue to enjoy the high standard of food, drink and service on offer across the portfolio.”

It is understood that the Spirit Pub Company had been planning to acquire between 12 and 15 leases operated by Orchid, on which it is guarantor, before they were placed into administration.

Mitchells and Butlers (M&B) acquired the majority of the Orchid portfolio (173 sites) earlier this month in a whopping £266 million deal.

Nobody from the High Flyer was available to comment.

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