Beatbox Bars, the Cardiff-based bar group, has been placed into administration citing financial difficulties.
The nationwide insolvency practitioners SFP is continuing to trade two of the company’s three bars and live music venues, Ten Feet Tall and Buffalo - while undertaking a marketing campaign to seek out potential purchasers.
It has closed the remaining bar - Fire Island – and is currently in negotiations with a number of interested parties in the hope that this bar will be up and running albeit under new management soon.
Beatbox Bars Limited acquired the leases for the three bars between 2005 and 2009. A major downturn in trade over the winter of 2012/13, however, put severe pressure on cashflow and led them into difficulties.
The company had enjoyed an annual turnover of about £1.5 million and employed 70 staff.
Daniel Plant, group partner at SFP, said: “We are actively looking with the intention to sell the business and its assets as a going concern and are already in discussions with a number of potential buyers.”
