Pubs saved in £3m deal

SIX South Devon pubs have been saved from closure in a £3million deal after their original owners went into administration.

Torquay based Peninsula Inns Ltd, which owned 18 pubs, went into administration just before Christmas.

But 12 of the 18 pubs previously owned by Peninsula have already been bought up by a new firm, Enlighten Inns, owned by Steve Guest, pictured.

These include the Fortune of War and Fox and Firkin in Torquay, the Ferryboat Inn at Shaldon, the Courtenay at Teignmouth and the Hermitage and King of Prussia, both in Kingsbridge.

However Chaplins in Torquay, The Rose at Babbacombe, the Rising Sun in Brixham and the New Quay in Teignmouth will remain closed.

Peninsula director David Bayliss has blamed a combination of the credit crunch, the smoking ban and rising utility costs for the demise of the company that owned pubs across the South West from Bath to the Bay.

He said: "We tried to restructure our loan facilities but with the credit crunch going on that proved impossible."

He added that trading conditions were 'tough' with an 'unprecedented number of external conditions' affecting business.

He explained that the company first noticed a 'ticking bomb' 12 months ago, saying: "But we were in negotiations with the bank and the credit crunch put a bit of a kybosh on it and it closed down several options that would have been available to us had it not happened.

"I am very upset to see it go, there are an awful lot of people who have put in a lot of hard work in to it."

The firm also ran a further six pubs on a management basis.

Steve Guest, owner of Enlighten Inns and former financial director of Peninsula Inns bought the pubs hours after Peninsula Inns went into administration.

"It has been a hectic time to take over in the run-up to Christmas.

He said: "We are just trying to work hard and get everything shipshape at a difficult time.

"We haven't really had a chance to sit down and think about going forward, because it has just been about getting through Christmas.

"All the pubs we have bought are community pubs and we are trying to keep the community pubs open and build on it, because they are difficult times for everybody," said Mr Guest.

Bristol-based administrators BDO Stoy Hayward have been appointed to handle Peninsula's administration.

Simon Girling, business restructuring partner at BDO Stoy Hayward, said: "As consumers have reined in their discretionary spending to account for the difficult economic environment; pubs, bars and restaurants around the country have found that trading has slowed considerably. This slow down has contributed to the difficulties experienced by Peninsula Inns Ltd."

A spokesman for BDO Stoy Hayward added: "BDO Stoy Hayward is currently in negotiations with the licence holder as to ownership of The Ferryboat Inn, Teignmouth, but as these discussions are ongoing, we cannot comment further at this stage."

Chaplins in Torquay, The Rose at Babbacombe, the Rising Sun in Brixham and the New Quay in Teignmouth will remain shut after not been bought by Enlighten Inns whose new headquarters is in Fore Street, St Marychurch.

Teign Brewery in Teignmouth is one of the six pubs previously managed by Peninsula Inns and those pubs have been taken over by Enlighten on the same basis.

The company has also kept on the four staff employed at the Peninsula Inns offices and transferred them to its new premises.