ELL pubs saved from closure in new company buy-out

Pic: Gaëlle Laforest

Pic: Gaëlle Laforest

Three local pubs threatened by closure have been reprieved after the owners were bought out of administration last week

The pubs were previously owned by Antic Limited, which entered into administration early this year after their failure to resolve an HM Revenue and Customs bill. They have now been taken over newly-founded company Gregarious Limited.

Of the 12 establishments bought, three are in ELL boroughs, including Jam Circus in Brockley, the Royal Albert in New Cross and Saint Pepper Ontiod on the Isle of Dogs.

Gregarious was founded two weeks ago by Max Alderman, former company secretary of Antic Limited and operations director for Antic London, its parent company, which did not go into liquidation.

He said: “The opportunity arose to take control of a group of pubs that I had an intimate knowledge of over the years.

“All are great local pubs much loved by their regulars and we want to continue to deliver great beer, food and service in the slightly quirky manner that all have become known for, whilst ensuring they have a bright and safe future.”

Antic’s financial problems were the result of an over expansion “which compromised cash flow,” said Alderman.

“The units that have come across to Gregarious will be entirely ring fenced and self-sustaining, and will not encounter the same problems.”

The purchase was joint venture with Downing LPP, an investment company who Antic London have been working with for several years.

Richard Toone, of Chantrey Vellacott DFK, the accountancy firm who managed the sale, said: “The pubs are very popular and we received an excess of 20 formal offers.”

“We’re pleased to have finalised a deal with the director of Gregarious Limited and are confident the new owners are well placed to stabilise the leases at each of the pubs and make them a success again.”

Jam Circus has been closed since December due to a fire. It is due to reopen in the coming months.


One Response

  1. John February 27, 2013

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