Pub firm Antic Ltd collapsed owing £2.6m

The report says there were 63 expressions of interest in the business, with 21 offers from 14 companies.

Gregarious, the sister company founded by Antic operations director Max Alderman with funding from Downing LLP, spent £1.2m buying the business on 19 February — “significantly in excess of the previous highest offer”.

The report from David Oprey of Chantrey Vellacott says that Antic Limited’s sole shareholder, Anthony Thomas, was keen to enter a Company Voluntary Agreement (CVA) after the company was placed in administration on 14 January, but was uncertain whether major shareholders and the landlords would support it.

“Mr Thomas advised that he would be prepared to inject circa £400,000 from third-party funds, which could be made available to pay an initial distribution to the creditors."

A CVA was not seen as a “viable option” as landlords didn’t support it and a “rescue of the business could not be achieved”.

The report says Antic Limited had faced difficulties in paying its liabilities to HMRC since 2008.