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Buyers are sought for 72 LESG properties

26 October 2006
Buyers are sought for 72 LESG properties

Administrator Ernst & Young is attempting to salvage the remaining 72 properties of the collapsed London and Edinburgh Swallow Group (LESG) after securing a deal for seven late last week.

Since most companies within LESG went into administration on 14 September, 67 pubs and 10 hotels have been closed.

However, 257 properties have managed to attract new buyers, the majority (242) being sold to previous LESG freehold owner Flodrive.

The remainder were bought by Brooks Hotels (six), Durley Investments (two) and the latest seven by Gelink on Friday
(20 October).

Angela Swarbrick, joint administrator, welcomed the Gelink deal, which includes the Snooty Fox pub in north London, the Aston Court hotel in Coventry and the Swallow Kent International hotel in Reigate, Surrey.

"We're delighted to have been successful in selling a further seven properties and securing the jobs of 258 employees at these sites," she said.

Of the 72 remaining properties, an Ernst & Young spokesman said: "These properties cannot continue trading indefinitely, but every effort is being made to find suitable buyers."

From the original 950-strong estate, leaseholds on 450 tenanted pubs were surrendered back to the freeholders. Ernst & Young said it hoped the status of the remaining properties would be resolved within the next four to six months. It also confirmed that all licences for the properties still in administration remained valid.

By Emily Manson

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