Pub chain founded by former Greene King boss calls in administrators

A pub chain founded by the former boss of Greene King has called in administrators as the hospitality industry reels from the cost-of-living crisis and a soaring minimum wage bill. RedCat Pub Company said it has hired Interpath Advisory to put part of its business into administration as it seeks to dispose of underperforming sites. It is also exploring the sale of a further 14 sites. The company, which was founded in 2021 by the former Greene King chief executive Rooney Anand, has expanded rapidly since by buying sites from rivals such as Slug & Lettuce owner Stonegate. It now has around 100 pubs and pub hotels, with 1,400 bedrooms. Its expansion has been fuelled by backing from Oaktree Capital, a California-based asset manager run by billionaire investor Howard Marks, which manages $172bn (£136.1bn) of assets. However, RedCat has since suffered as the hospitality sector grapples with the cost-of-living crisis, high energy prices and inflationary pressures. Interpath said on Thursday that RedCat Leased Pubs (RCLP), a division of the company which owns 10 sites, has gone into administration, leading to the closure of five sites. The subsidiary does not have any employees, RedCat said. Nick Holloway, joint administrator, said: “RCLP...

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