Ex-Principle bars in sale by early May

A sale of the bars and restaurants formerly run by Tyne and Wear-based Principle Leisure, which went into administration earlier this month, is expected in early May, with a number of parties expressing interest.

Administrator Begbies Traynor has set a closing date of 7 May for offers to be made for the nine venues.

Andrew Haslam, ap-pointed joint administrator, said: "We've had lots of interest and there have been a lot of viewings."

Sites include one freehold venue, River Bar and Flume Restaurant in Washington, Tyne and Wear, and eight leaseholds.

These are: San Lorenzo restaurant, Cramlington, Northumberland; San Lorenzo restaurant, Gosforth, Tyne and Wear; Saltwater, Nottingham; Popolo, Newcastle-upon-Tyne; Popolo, Sheffield; Popolo in the Garden, Newcastle-upon-Tyne; Establishment Bar, Sunderland; and the Blackbird, Newcastle-upon-Tyne.

Begbies Traynor said: "Principle Leisure encountered cash-flow difficulties due to the opening and refurbishment of several new outlets and the general downturn in the licensed sector, resulting in tax arrears being accrued.

"Following the receipt of demands from HM Revenue & Customs, the directors attempted to negotiate payment terms, but unfortunately, they were unsuccessful with these.