Harrison Leisure, the operator of a pub, restaurant and leisure complex in Bridlington, Yorkshire, has entered administration following financial difficulties.
The company struggled financially after taking out a loan to purchase a Burger King franchise in 2007 and to fund the building of a two-storey complex. The onset of the economic downturn resulted in lower visitor number and the franchise was not successful.
Fisher Partners has been appointed to act as administrators for Harrison.
Brian Johnson of Fisher Partners said: “The franchise had to be closed at great cost to the company and despite efforts to market and sell the business last year, no offers or expressions of interest were forthcoming. In an effort to save the business, preserve jobs and maximise recoveries for the creditors, the directors and shareholders, through Harrison Leisure Acquisitions Limited, set about the process of raising funds through a secured peer-to-peer lender and negotiating with the bank to buy out its debt and then to buy the business and assets as a going concern from the Administrators.”
A deal was concluded with Fisher Partners after six months of negotiations, under its terms Hawthorn Leisure will continue to operate and many jobs including 14 permanent positions and numerous temporary contracts have been secured.
Harrison Leisure operates Jerome’s Continental Coffee Bar and Restaurant along with The Pavilion Bar and Grill in Bridlington’s Floral Pavilion.
