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Wales hotel firm enters liquidation

Date Added: 05/02/2013  

The company behind an award-winning pub and hotel in Wales has announced it is being forced to go into liquidation as a result of its financial problems.

Cross Foxes Brithdir revealed it is being wound down due to issues with its finances, though it is claimed that the Cross Foxes pub, hotel and restaurant near Brithdir, Dolgellau will remain open.

According to a report by the Cambrian News, directors of Cross Foxes Brithdir Aberystwyth couple Dewi and Nicol Gwynne carried out major refurbishments of the pub when they took it over just a couple of years ago.

BCR Rescue Recovery and Turnaround have been appointed as the liquidators of the firm and revealed that it owes around £154,000 to creditors, with the debts including £125,000 to HM Revenue and Customs and £6,500 to Gwynedd Council.

The pub was left to lie in a derelict state for nearly a decade before being renovated by the Gwynnes, who got support for the project via a Welsh government grant of £300,000, along with a loan of £400,000 from Finance Wales.

It was announced that the couple independently own the building and will continue to run the business after they bought the fixtures and fittings from the company.

The news of the liquidation of Cross Foxes Brithdir comes only a few days after it was revealed that a music festivals company in East Anglia is set to go out of business.

Playfest, held at the New Eccles Hall near Attleborough, owes creditors around £170,000 and has no remaining assets to ensure they will be paid.

Speaking to the Eastern Daily Press, Jamie Playford, insolvency practitioner at Parker Andrews, explained this means the creditors of the company are not likely to get any of their money back.

Ash, Feeder, the Pigeon Detectives and Ria Ritchie were among the top artists to perform at Playfest, which saw slow ticket sales last year due to the bad weather and the Diamond Jubilee.

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Posted by Julie Cutts

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