Three popular Manchester bars which went into liquidation in January are set to reopen, thanks to an innovative deal brokered by valuations specialists Charterfields.
Valuation Specialists step in to avoid liquidation
The venues are now set to reopen after Charterfields, appointed to dispose of the assets, persuaded the landlords of all three buildings to cooperate while new tenants could be found, therefore retaining value in the stock and assets.
A deal has been struck with two established bar operators to acquire the assets and take over the properties.
Odd and Oddest have been taken over by Matt Nickson, founder of music venue Matt & Phred’s, with business partner Adam Regan, while the Blue Pig has been taken over by Mark Andrew Developments (MAD), the company behind Tusk and Walrus. All three venues are set to re-open soon.
Ian Maycock, director at Charterfields, said:
“Normally when a bar fails, either the landlords or the liquidators immediately remove and sell the assets.
“However, we recognised that in this case, it would be better for all concerned to keep the bars’ assets together rather than selling them piecemeal – particularly given the location and high-profile nature of these venues.
“Fortunately, the landlords immediately saw the benefits of our suggestion and agreed to co-operate with us.”
“It has taken us just eight weeks to complete negotiations and hand the keys over to the new operators. I am sure it will not be long before plans are revealed and customers are once again enjoying these popular bars.
Jimmy Saunders of Duff & Phelps added:
“There are a number of challenges facing independently-owned bars and restaurants, including food and drink inflation, business rate rises and the impact of national minimum wage, all at a time when competition is increasing. We are pleased that in difficult circumstances Charterfields’ collaborative approach has helped to secure the future of these three popular venues and it should be a model for others to follow.”.
Does your business need help with corporate valuation or asset management? If so get in touch today. Charterfields will guide you through the process.