Provence receivers issue statement

Corporate recovery specialist Kroll has been appointed as administrator to Provence.

The company has confirmed that Provence Commerical Properties has been placed into administrative recievership, while Provence Holdings is in administration.

David Whitehouse and Simon Wilson, partners at Kroll's Corporate Advisory & Restructuring Group, were appointed as joint administrative receivers to Provence Commercial Properties PLC and as joint administrators to Provence Holdings Ltd last Tuesday.

In a statement, Kroll said:

"The Bolton-based companies have been placed in to administrative receivership and administration due to cash-flow difficulties. No employees are employed directly by either business.

"Provence Commercial Properties PLC owns 23 properties across the UK which are either tenanted or operated as public houses by managing agents. In addition, the business also has an interest in approximately 230 leases on properties operated as public houses. Provence Holdings Limited has investments in two commercial properties.

"Commenting upon the appointment, David Whitehouse said: 'It is still early stages of both the receivership and the administration and we are currently reviewing what options are available. We will keep those affected by the receivership and the administration informed of any notable developments.'"