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Historic pub enters administration

Date Added: 03/08/2011  

A pub in Derbyshire has been forced to go into administration, with jobs at threat as a result of the move.

The Birmingham office of the accountancy firm PKF is currently looking for a buyer to come in and take over The Bear, which is located in the Derbyshire Dales.

Consisting of a bar, a restaurant, two holiday cottages and 12 hotel rooms, positions could be saved if someone was to purchase the business, Insider Media reports.

Brian Hamblin, partner at the accountancy firm, said: "A successful sale could save up to 20 jobs, as well as preserving a real piece of English history."

The business is set to continue trading as normal, with the administrators in charge of the finances, until a buyer can be found for the property.

PKF revealed the firm went into administration in June, so it has now been two months with nobody coming in to take over at The Bear.

It is thought the pub dates back to the 17th century and it currently caters as a venue for events such as weddings, with 80 people able to be housed at the location.

The administrator said the turnover of the business is currently around £850,000, which could be tempting for those who have run similar ventures before and believe they could improve this figure and begin to turn a profit.

Experian's Insolvency Index for January 2011, released earlier in the year, found the number of companies becoming insolvent was down on the figure for the same month in 2010.

Max Firth, managing director of Experian pH, explained at the time financial stability was improving all over the UK, but since then the growth of the economy has slowed to just 0.2 per cent in the second quarter of the year - although he warned of the dangers posed by issues such as late payments.

Posted by Miles Pritchard 

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