Member Article

14 jobs saved as Bridlington leisure complex goes into administration

Bridlington’s Harrison Leisure Ltd. has gone into administration after being unable to weather the recession following the opening a Burger King franchise.

After 6 months of negotiations Harrison’s administrators were able to save all 14 jobs, and numerous temporary employees.

On May 16 2014 Brian Johnson and Abigail Jones of London’s Fisher Partners were appointed joint administrators over Harrison Leisure Ltd. which runs a pub, restaurant and leisure complex on the Bridlington seafront.

Brian Johnson of Fisher Partners commented: “Harrison Leisure had borrowed from its bank in 2007 to build a two storey unit on land it held on a long lease, and to purchase a Burger King franchise.

“Unfortunately the opening of the franchise coincided with the onset of the recession in 2008 and visitor numbers fell dramatically.

“The franchise had to be closed at great cost to the company and despite efforts to market and sell the business last year, no offers or expressions of interest were forthcoming.

“In an effort to save the business, preserve jobs and maximise recoveries for the creditors, the directors and shareholders, through Harrison Leisure Acquisitions Limited, set about the process of raising funds through a secured peer-to-peer lender and negotiating with the bank to buy out its debt and then to buy the business and assets as a going concern from the administrators.

“After over six months of negotiation the deal was concluded with the joint administrators on May 16 2014.

“The deal has ensured that a significant part of the Bridlington seafront has avoided being boarded up, the jobs of 14 permanent employees have been preserved as well as the jobs of temporary employees taken on in the summer season and the ultimate realisation has been maximised for the secured creditor.”

This was posted in Bdaily's Members' News section by Clare Burnett .