Principal Leisure saved by Popolo Group
The remaining parts of Principle Leisure (North East) Limited have been sold to Popolo Leisure Limited.
Principle Leisure (North East) went into administration in April 2011, and since then was operated by the administrators Begbies Traynor under license until agreements with multiple landlords could be reached.
The completion of the exchanged contract on Wednesday 1 February 2012 will allow all outlets to remain open, as well as saving the jobs of over 300 employees.
Commenting on the proceedings, joint administrator Andrew Haslam of Begbies Traynor Newcastle commented: “The sale process has been long and fraught, and I would like to thank both Irwin Mitchell, which acted on behalf of the administrators, and Mincoffs Solicitors, which represented the purchasers, for their unwavering efforts to overcome the challenges we faced given the current economic climate. I am sure the business has a bright future ahead under the ownership of Popolo Leisure Limited.”
Chris Jones, insolvency partner at law firm Irwin Mitchell, said: “Following such a complex and lengthy transaction, it is extremely pleasing to complete the sale and safeguard the future of 300 jobs.
“The number one priority since the company went into administration has been to ensure that it could continue to trade and, therefore, provide a viable business for the new owners.
“This has now been done and we wish Popolo Leisure a successful future.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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