www.iva.co.uk

i have a bar that is no losing money on a monthly basis . i have cut every where i can. (around £4 k month losing).i am woundering what is the best opption for me. the leases i am garentour for . i do not own propety or have any money.. what are my opptions. the brewery have said they cannot help as i have signed the lease.

Not sure this forum is the right place for your answers - however i wish you luck with the bar and hope things sort themselves out for you

Hey jonpop, welcome to the forum. I had a similar problem but I was able to sell and use the proceeds to offer a full and final IVA. As you are brewery tied, you should really try and sort out a meeting with the area manager to see how you can get out quick. Please wait for a technical expert who may be able to help futher. X

You do need to take professional advice as to your options as soon as possible if the business is losing money. And also to establish if there is any worth in the business which could be sold on.

Breweries are known to be particularly unhelpful when their tenants run into financial difficulties, and I suggest that you seek advice before speaking to them.

If you can see no way out of these difficulties, it may be sensible to consider ceasing to trade and looking for some paid employment, and if you would not be able to service the debts left behind - including the ongoing lease liability, you may wish to consider the various insolvency options there are available.

I also suggest that you get Viki's e-mail address from Admin. Her circumstances are very similar to yours and I am sure she can offer you some good practical advice and ongoing support.

I am happy to talk to you jonpop. I won't be able to access my emails until tomorrow night but if Admin want to send you my email, you can leave your details and I will get back to you as soon as I can.

Hi jonpop
are you OK with exchanging emails with Viki, if so I'll sort it straight away

Hi Jonpop

these times are really difficult for anyone in the pub / resturant industry. The credit crunch / smoking ban and if you are with a tied brewery you are probably payin over twice the going rate for beer and a huge lease each month too.

You really need to get professional advice because either selling or closing the business might be the very best option.

If you are leasing from Punch or Enterprise you can check on Daltons Weekly to see just how many of your colleagues are also trying to sell their lease. The banks have also gone "anti" pubs now as well making it difficult to borrow to purchase a leasehold pub.

As Melanie said you need to decide which way to go, give yourself a definate timeline to sell in and otherwise consider shutting even without a sale.

After the burden of the business has gone you can then review your position regarding the trade and personal debts and decide ( without the pressure of the business / employees etc etc) what the next step is.

This would probably be either an IVA or Br depending upon your then income level.

This is a stressful time so please share some of the burden and get professional advise. Melanie is probably an excellent place to start.

It might seem like the end of the world now but I can assure you that there are options. We recently helped a wonderful couple who were running 2 pubs with a large chain. They were loosing around 7k per month.

I am delighted to say that they are now debt free, both in employment and live in a super house with a lovely garden for the children. They now have a future and it looks bright.

take care