Popular Bierkeller bars were saved from closure just in time for Christmas!
Bierkeller owner Burningnight was saved from administration at the eleventh hour on the 21st December preserving 300 jobs.
Burningnight operated sites in Birmingham, Leeds, Liverpool, Manchester and Nottingham under the, The Bierkeller, Shooters, Around The World and Smokin’ Bar & Kitchen brands which will now stay open. The Potting Shed in Harrogate, which was part of the group, has also been saved.
The business has been bought by a special purpose vehicle created by Leeds-based turnaround specialists Access Commercial Finance, which was a secured creditor of Burningnight.
Access Commercial Investors 6 was represented by Clarion Solicitors and advised on the commercial aspects of the transaction by Matt Haycox.
Haycox said: “Due to the highly complex nature of the transaction, a purchase to a third party couldn’t be concluded so Access decided to step in and acquire the business which provided the best solution for creditors, customers and employees alike. It’s been a fraught few days but we got there in the end.”
The restaurant and bar industry is going through a turbulent time at the moment so it is great to see a good news story arising from a bad situation. We wish the new owners the best of luck!