Grantham’s The Atrium bar has gone up for sale as its operating company has gone into administration.
Meanwhile, new owners have already been found for The Atrium bar in Newark, which was operated by the same company, Fairway Investments.
FRP Advisory is carrying out the sale after partner Chris Stirland and director Nathan Jones were jointly appointed as administrators. They were called in after a downturn in trading put unsustainable pressure on Fairway under its current financial structure.
On June 12, the joint administrators sold the business and assets of The Atrium in Castle Gate, Newark, Nottinghamshire, with the leasehold pub now operated by new tenants, ensuring continuous trading at the Atrium and securing jobs of all the pub’s 15 staff.
They continue to market for sale the Atrium, a freehold pub in High Street, Grantham, which continues to trade as normal. Twenty-five people are employed.
According to FRP Advisory, Atrium Bars has traditionally enjoyed a loyal local customer base but trading had for several years been impacted by the ban on smoking in all pubs and bars, in line with the effect felt by the whole sector.
Fairview Investments had high levels of debt to service, taken on to fund acquisitions of property-based assets in the pubs business which have yet to recover the capital values eroded since the financial crisis of 2008-10. A combination of declining turnover and margins coupled with a fall in capital values removed the ability for Fairview Investments to refinance the company under its current financial structure and left the directors with no viable options other than seeking the protection of administration while seeking buyers for the underlying pubs businesses.
Mr Jones said: “We continue to market for sale the Atrium in Grantham which trades as normal under the experienced direction of an experienced hospitality management firm, installed since our appointment, to ensure that the customer remains at the heart of everything this fine freehold pub has to offer, from a good selection of ales and wine to the Sunday roasts or quiz nights that regularly draw in a full-house across the generations both locally and further afield across Lincolnshire. We invite interested parties to make contact.”