Yesteryear Pub Company boss in buyback bid
Tony Callaghan, founder of Wigan-based pubco Yesteryear, is close to buying back some if not all of the company's assets after it went into administrative receivership last week owing the tax man around £300,000.
He told The Publican today he was "very close" to buying some of the group's 10 sites, with a number of deals hopefully being completed before Christmas.
If Callaghan succeeds it will be the second time he has bought back the business, after acquiring it from administrative receivers two years ago.
As well Yesteryear owing £300,000 to the VAT and tax authorities, it is also believed to owe Heineken UK in the region of £7m in capital loans and interest.
Steven Williams of administrative receivers Begbies Traynor said nine of the company's 10 sites, a combination of leased and freehold properties, were still trading. A 10th pub is currently closed, he said.
The operation of the pubs on a day-to-day basis has apparently been licensed to another of Callaghan's companies. Approximately 115 staff are employed working in the various sites.
"Yesteryear has been hit by general recessionary factors which have in turn created cashflow problems," said Williams, "plus turnover levels were substantially lower than had been expected when the company was bought out of receivership in January 2007."
Asked about selling Yesteryear back to Callaghan a second time around Williams said: "My job is to maximise a sale price. If that means selling to Tony Callaghan I will do so.
"I'm confident there is a tangible value to most or all of the sites involved, though I can't put a timeframe on a disposal," he added.
