Well-known pub trade accountant Milestone has ceased trading, Morning Advertiser has learnt.
The company's trading name was retained when fellow trade accountant Austen acquired Milestone a couple of years ago.
It is understood that the company suffered financial losses in the wake of the takeover on account of having too many regional offices.
The company faced a winding up order from HMRC in January but had hoped to attract fresh investment. At least one major pub company de-listed the company in January. It is understood that Milestone won a little more time to trade after making a partial payment to HMRC and had until the end of this month to pay outstanding amounts.
The company is understood to have ceased trading after failing to raise the needed cash through an external investor.
Morning Advertiser understands that a new company called Innventory has been set up in the hope of transferring some clients — it is based in Bolton and was incorporated last Wednesday (23 March), which is the day Milestone ceased trading.
At the time of the takeover, the combined accountancy business of Milestone had what was believed to be the largest client base in the pub market.
Clients have included Belhaven, Brains, Charles Wells, Enterprise, Everards, Fuller's, Hall & Woodhouse, Marston's, Mitchell & Butlers, Punch, Scottish & Newcastle Pub Company, St Austell and Wadworth.
Victor Wood, managing director of (formerly) Austens and now Milestone, said at the time of the takeover: "Never has it been as important for licensees to have access to top quality independent financial support and advice and our new company provides exactly that."