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Thursday, April 7, 2011

Buyers open talks with Blackbird Inn owner Principle Leisure

TALKS are gathering pace over the future of bar operator Principle Leisure, which has received interest from some of the region's biggest leisure companies since putting parts of its business into administration.
The outlets in administration are two Popolo's bars in Newcastle and one in Sheffield, San Lorenzo Italian restaurants in Gosforth and Cramlington, the Fiume Italian restaurant in Washington, the River Bar in Washington, the Establishment Bar in Sunderland, Blackbird Bar in Ponteland and the Nottingham-based Saltwater bar and restaurant. The business was hit by cashflow problems after opening and refurbishing a number of new bars.
Christie and Co of Newcastle, which has been appointed as an agent by the administrators Begbies Traynor, said it had been inundated with inquiries from interested parties.
Mark Worley, associate director and licensed agent at Christie and Co, said: "Principle Leisure has clearly got some attractive sites as we have received a huge number of phone calls since the administration was announced, some from a few of the region's biggest leisure operators."