Parts of RedCat Pub Company, formed by former Greene King boss Rooney Anand, are to be placed into administration, with 14 other sites placed on the market.
The pub group has grown to more than 100 sites since it was founded in 2021and has appointed administrators to RedCat Leased Pubs, a subsidiary of 10 leasehold pubs.
Nick Holloway and Steve Absolom, of Interpath Advisory, were appointed as joint administrators to RedCat Leased Pubs Limited (‘RCLP’ or ‘the Company’) last week.
The company along with the wider sector has faced increasing challenges, notably recovery since Covid-related lockdowns, changing consumer habits, and the cost of living crisis.
Richard Lewis, who was appointed chief executive last year, said:
“Some difficult but decisive actions have had to be made to position the business for future success. It is never easy to say goodbye to some fabulous teams – I am grateful to each one of our employees.”
Nick Holloway, managing director of Interpath Advisory and joint administrator of RCLP, said:
“RCLP comprises a group of pub sites in prominent locations, predominantly in London and the South East. Financial challenges have weighed heavily on the company in recent years, which rendered it unable to continue in its current form.
“The administration now provides a period in which we can undertake a marketing process to explore a sale of business and assets of the pubs either individually or as a group. We expect interest from across the industry. Regrettably, the financial position of the business means that five sites have now closed.”
