July 28 2014 Latest news:
Tuesday, June 24, 2014
An historic pub in Ely has been placed into administration while the search for a new owner begins.
The High Flyer, in Newnham Street, is currently owned by Orchid Pubs and Restaurants Ltd but the UK-wide chain said that declining sales meant that it had to place it – and 49 other pubs – into administration.
Orchid recently sold 173 of its pubs, which employ 3,893 people, to rival group Mitchells & Butler, but the High Flyer was not part of the sale.
The pubs and restaurants in administration, which employ 936 people, are located across the UK.
It is not known how many employees at the High Flyer are affected by the move but the pub will continue to operate as normal.
Alan Hudson, administrator for Ernst and Young, said: “The pub and restaurant industry has faced increased challenges over recent years as consumers’ disposable income has been squeezed resulting in a significant fall in discretionary spending. “These challenging conditions have led to a decline of sales across the Orchid Pubs & Restaurants Limited portfolio and resulted in these 49 pubs and restaurants being unable to continue to operate outside of administration.
“The pubs and restaurants will continue to trade without interruption as a going concern while we seek to find a buyer.
“We are keen to stress that customers will continue to enjoy the high standard of food, drink and service on offer across the portfolio.”