A new company has bought up 12 of the 18 pubs previously owned by Peninsula Inns, which went into administration before Christmas, in news which concerns business insurance customers.
Enlighten Inns, which is owned by former Peninsula financial director Steve Guest, bought the premises hours after the Torquay-based firm went into administration, business insurance customers may be interested to learn.
David Bayliss, director of Peninsula Inns, said the credit crunch, the smoking ban and rising utility costs were to blame for the company failing to stay afloat, factors which are also affecting other business insurance customers.
"As consumers have reined in their discretionary spending to account for the difficult economic environment, pubs, bars and restaurants around the country have found that trading has slowed considerably," said Simon Girling, business restructuring partner at BDO Stoy Hayward, which is handling the administration.
This week, the Morning Advertiser reported that executive directors at Marston's did not collect bonuses and therefore earned less than in 2007.
