Administrators appointed to RedCat Leased Pubs
Nick Holloway and Steve Absolom of Interpath Advisory were appointed on Thursday (28 March).
RCLP operates 10 pubs across the UK and while it is a subsidiary of the RedCat Group, all other RedCat Group entities continue to trade as normal.
The business has been impacted by the wider challenges facing the pub industry, including recovery from Covid-related lockdowns, changing consumer habits and the cost-of-living crisis.
Joint administrators were appointed after the loss-making business was unable to meet financial obligations. They have started a process to market the leases, business and assets of all of the pubs. RCLP has no employees.
Three sites remain open under sub-tenant agreements, which are Garden Farm in Chester-Le-Street, County Durham; Railway Tavern in Edmonton, north London; and Cumberland Arms in Kensington, west London. They will continue to trade together with two of the managed sites – the Bull Inn, Barming, in Maidstone, Kent, and the Occasional Half in Palmers Green, Enfield, north London.
Financial challenges
Upon appointment, the remaining five sites have been closed. These are the Redback in Fulham, west London; Chiltern Taps in High Wycombe, Buckinghamshire; Elmbridge Arms in Weybridge, Surrey; the Gatehouse in Tonbridge, Kent; and Colton Arms in West Kensington, west London.
Interpath Advisory managing director and joint administrator Nick Holloway said: “RCLP comprises a group of pub sites in prominent locations, predominantly in London and the south-east.
“Financial challenges have weighed heavily on the company in recent years, which rendered it unable to continue in its current form.
“The administration now provides a period in which we can undertake a marketing process to explore a sale of business and assets of the pubs either individually or as a group.
“We expect interest from across the industry. Regrettably, the financial position of the business means five sites have now closed.”
RedCat Group recently announced it had appointed a new executive team, led by CEO Richard Lewis.
The team will take leadership of RedCat and Coaching Inn Group as Kevin Charity retires.
Difficult but decisive actions
As part of the move, several promotions have been made including Miles Slade and Adam Charity stepping up as chief operating officers for RedCat and Coaching Inn Group respectively.
Lee Melton has been promoted to chief people officer for RedCat Group. The move follows RedCat's recent hires of David Peevers as food and beverage director and Alice Barriball as head of people.
RedCat Pub Company CEO Richard Lewis said: “I am proud of RedCat and what has been achieved since inception back in 2021.
“The launch of this new executive team and our recent hires make me very excited about the future of the business.
“Some difficult but decisive actions have had to be made to position the business for future success. It is never east to say goodbye to some fabulous teams. I am grateful to each one of our employees.
“I am confident that with these actions and the formation of my new executive team, it will put RedCat and Coaching Inn Group in a solid position for growth, investment and future acquisitions.”
