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Administrators called in to London Town
London Town, which operates around 350 pubs either directly or under lease, went into administration at the end of last week, together with its subsidiary GRS Inns, which has 44 leased pubs across the UK.
PricewaterhouseCoopers is currently seeking buyers for the pubs in a bid to keep as many trading as possible.
In the case of GRS, immediate closures have been avoided for the moment thanks to an agreement with a new investment group, headed by the existing management.
The arrangement allows the pubs to continue trading while a marketing process is undertaken.
David Chubb, partner at PwC and joint administrator of London Town said: “This has been a particularly complex restructuring but we are pleased to have preserved the majority of the business, and therefore jobs, through the transactions we have completed.
“In order to avoid immediate closure of the 44 leased pubs in GRS Inns, we have negotiated a short term management contract and hope this will allow time to attempt to secure the longer term survival of these pubs. All the pubs are on the market and we would ask interested parties to contact our agents Christie & Co."
Gabriel Savage, 23.02.2010