Business behind Fountain and Vestry bars goes into liquidation

The Vestry and the Fountain, in South Street, were both run by Sussex Inns - which went into liquidation at the end of January.

The firm was also behind the Wheatsheaf in Midhurst until November last year.

However another company has stepped in to take on the franchise for the Vestry and the Fountain, meaning jobs aren’t threatened, it was announced today (Wednesday, February 13).

A statement from business advisory firm RSM Tenon read: “The company latterly traded from three pubs in the Sussex area, the Vestry and the Fountain in Chichester and the Wheatsheaf in Midhurst, under franchise agreements.

“The Wheatsheaf was returned to the landlord in November 2012 and the company ceased trading from this site.

“The company carried on trading the two pubs in Chichester, however found the trading conditions to be extremely difficult within the current economic climate. The director also found that the operation of the business across multiple sites was difficult and costly to control and administer.

“In January 2013, the director reviewed the company’s financial position and established that the company was insolvent on both cash flow and balance sheet bases. Having taken specialist insolvency advice from RSM Tenon, the director decided there was no option but to place the company into creditors’ voluntary liquidation.

“The franchise agreements of both pubs have been taken on by another company which has allowed trading to continue from both sites. This has led to the pubs being able to remain open and has ensured the continued employment of the staff.”

Alexander Kinninmonth and David Green were appointed joint liquidators of Sussex Inns (Chichester) Limited on January 24.

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