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Heritage hotel-pub in administration

By North Devon Journal  |  Posted: February 14, 2013

MONEY PROBLEMS:The Hoops Inn on the A39.

MONEY PROBLEMS:The Hoops Inn on the A39.

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A HERITAGE grade two listed hotel and pub near Bideford has gone into administration.

The Hoops Inn and Country House Hotel, at Horns Cross, on the A39 has been struggling financially and is now in need of a buyer for the premises to stay open.

Administrators Duff and Phelps confirmed they were appointed administrators of Madiran Limited, the company who runs the inn, on January 21.

In a statement Duff and Phelps said Madiran had been subject to a voluntary arrangement with its creditors from April last year.

They said The Hoops has continued to experience difficulty trading and required a significant cash injection to meet its financial obligations.

The company was refused further financial help from lender Santander UK Plc.

It was then that Santander approached Stephen Clancy and Sarah Bell, from Duff and Phelps, regarding the prospective appointment.

Mr Clancy said: "We are currently undertaking an extensive strategic and operational review of the company.

"During which we will continue to trade the business in the short term before a proposed marketing campaign is commenced later in the year.

"We have also engaged hotel specialists, Convivial, to assist in trading matters."

The general manager of The Hoops Simon Ainsworth said the inn was open for business as usual.

He wanted to make clear the business is in administration and not liquidation.

He said: "Nothing has changed, in fact it just gets better."

He added that no changes in staff have taken place but did not want to comment any further.

Those interested in purchasing the inn can contact Duff and Phelps for information.

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