Varsity goes into administration

THE COMPANY which owns the popular Aberystwyth bar Varsity on Portland Street, has gone into administration.

Varsity, The

Varsity Pub in Aberystwyth
Photo – Tomos Nolan

Bramwell Pubs and Bars Limited, which owns 185 pubs and bars across the UK and employs around 3,300 staff, has gone into administration due to cash flow problems. Other pubs in the North and Mid-Wales region which are owned by the chain include the Varsity bar in Bangor, the Ironworks in Wrexham and the Clwydian in Prestatyn.

A spokesman for Bramwell Pubs and Bars Limited said that administrators were appointed on the 31st October, as a result of cash flow problems arising from the current challenging economic environment. Following going into administration, the groups’ businesses will continue to trade whilst a range of options, including selling parts of the group, is explored.

Varsity and the other affected pubs and bars are remaining open whilst a buyer is sought. Staff were unable to comment further.

Peter Saville, one of three Joint Administrators appointed to oversee the administration period, stated that: “we will continue to trade the business while exploring all possible options for its future including a sale of the business and would like to thank the staff for their continued support and professionalism during this process. We would invite parties wishing to make an expression of interest in certain sites to contact Zolfo Cooper [the company overseeing the administration]”

Bramwell Bars and Pubs Limited was restructured around a year ago, when it’s  name was changed from Barracuda to the Bramwell Pub  Company. This restructuring saw them gain a credit facility of £10m, to invest in sites which they were particularly optimistic about the future of.

It has been reported that pub group Stonegate Pub Company has been in talks to acquire the best performing site of the Bramwell chain.