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Moorfields appointed administrators at Moorgate Taverns

"Hertfordshire and South Coast pub chain goes into administration following tough market conditions. Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP) have been appointed administrators to Moorgate Taverns, the pub operators with approximately ten freehold public houses in their portfolio. The properties owned by the company are largely based in Hertfordshire and along the South coast, with a mix of managed and tenanted houses.??A statement by the administrators has said: ""As a result of the general economic environment, Moorgate has been trading at a loss after finance costs and, due to the downturn in pub values, has been unable to fund the ongoing losses. ""Simon Thomas, joint administrator said: ""The business will continue to trade as usual whilst the best strategy is assessed in order to maximise the potential return for the creditors."" Moorgate Taverns is a wholly owned subsidiary of ‘Pubs n Bars’ which will continue to trade as normal.??Moorfields has been advising the company's bank, Clydesdale for some months the Publican reported. The value of the pubs is estimated to be worth £8m in the year ending December 21 2008, with debts owed estimated to be £7m. Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations."

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