White knights ride in to save Provence pubs
Two industry white knights have emerged from the middle of the collapse of discredited pub company Provence to save premises licences at around 150 pubs believed to be still open, the Morning Advertiser has learnt.
Chris Horton and David Nugent - both with extensive industry experience - weredrafted in by Provence a year ago to advise on how to run its tenanted estate.
As Provence faced collapse at the end of last week, the pair applied to transfer 150 pub premises licences out of Provence's name into the name of a new company they set up in February, Inn Trade Associates.
The move,which saw 150 transfer applications received by local authorities on Wednesday morning - the day after Provence ceased trading - allows 150 Provence pubs to continue to trade.
We've done this to protect the interests of licensees and freehold ownersChris Horton.
Horton told the Morning Advertiser; "We've done this to protect the interests of licensees and freehold owners.
"The move may also impact on an attempt by Peter Kiely, brother of Provence founder Paul Kiely, to transfer the premises licence of a dozen of Provence's best managed pubs into the name of his new company Birchwood Leisure."
Nugent, who previously worked as managing director of the Firkin chain when it was owned by Allied Domecq, said:
"Provence was run by people with no pub industry experience and there was a danger that premises licences would fall away when the company ceased trading.
"There is no financial gain for us in this although we would hope to build an on-going business relationship with investors helping them to manage and develop their pubs - we are not an arm of Provence in any way.
"We want to help investors protect their investment by keeping their pubs open."
Horton and Nugent have sent a recorded delivery letter to all Provence freehold investors explaining their actions and inviting them to contact them.
Aside from the 150 or so Provence pubs thought still to be still trading, there are around 90 pubs closed or closing- 50 from the managed division and 40 for which Provence was unable to find tenants.
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