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Provence Commercial Properties is forced to call in the receivers

09 November 2006
Provence Commercial Properties is forced to call in the receivers

Pub company Provence Commercial Properties (PCP) has called in the administrators after racking up substantial financial losses.

Both PCP and its holding company, Provence Holdings (PH), were put into administrative receivership on 31 October.

Bolton-based PCP owns 23 UK pubs, either tenanted or operated by managing agents, and has interests in about 230 pub leases nationwide, according to the administrator, Kroll. PH, which was founded by Peter Keily, has investments in two commercial properties.

David Whitehouse, partner at Kroll said: "It is still early stages of both the receivership and the administration and we are currently reviewing what options are available."

About 150 PCP tenanted pubs are believed to be still trading, having been transferred to a new company, Inn Trade Associates, last week.

Inn Trade Associates was set up by Chris Horton and David Nugent in February.

An industry source said PCP's financial model was thought to be similar to that of the London and Edinburgh Swallow Group, which went into administration in September after over-leveraging its leasehold properties.

The source added: "If PCP's financial model is indeed similar to Swallow's, we can't hold out a great deal of hope for the employees or the creditors of the business, although I'm sure the administrators will do their best to sell the properties on, secure the employees' jobs and pay off the company's liabilities."

By Emily Manson

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