New entrant lines up for Massive

A newcomer to the pub trade, Swallet Management Solutions Limited, is understood to have been granted exclusivity until today (Friday) to buy Massive Pub Company.

Swallet, whose chief executive Derek Parfitt used to work at Magic Pub Company and Morrells, is believed to have bid for all 34 sites currently in administration with Grant Thornton. Sources suggest that Swallet has offered £9m, around £1.5 to £2m more than the next highest bidder.

Today's exclusivity deadline is believed to have followed two previous extensions of exclusivity. Swallet currently offers back-of-house accountancy services for pub companies such as Candu Entertainment and Close Imperial Pub Company. It also offers training services. The deal, if successful, would be its first move into running pubs directly.

Swallet, which is chaired by Duncan Massey, is believed to have been the only bidder aiming to take on all the sites in administration. Managing director of Swallet is Tim Fearn, who worked as finance director with The Magic Pub Company, Ambishus Pub Company and Barracuda.