Neil Morrissey and Richard Fox have handed back the lease of Ye Olde Punchbowl Inn in Marton-Cum-Grafton in North Yorkshire to the freeholder only 18 months after the pub opened.
The decision comes after Morrissey pledged to pay back £2.5m in debts in mid-August through an individual voluntary arrangement (IVA) after his pub and hotel chain collapsed.
The partners, who also own a microbrewery under the Morrissey Fox brand name, said that they were not planning to exit the industry and were looking for freehouses in the Yorkshire area.
