The Seafood Pub Company goes into administration after failing to secure CBIL

Tanwen Dawn-Hiscox

Deputy Editor

Multiple award-winning gastropub group The Seafood Pub Company has fallen into administration after failing to secure a Coronavirus Business Interruption Loan.

Founder and managing director Joycelyn Neve told The Lancashire Telegraph that she was "heartbroken" to see the closure of the group's ten gastropubs, which include The Assheton Arms in Downham, the Inn in Harrogate, the Oyster and Otter in Blackburn and Forest in Fence.

She said they had to call in administrators last week after it became clear that the group, founded in 2010, wouldn't secure the funding needed to keep it afloat.

The group reported a £1.2m loss last year after undergoing rennovation work at two of its sites.

In a letter to her staff, Joycelyn wrote:

“It is with a very heavy heart that I am writing to tell you that we have not been able to secure the funding needed for the business to survive.

“As we were not granted a coronavirus business interruption loan the next step was for us to try and raise funding from the bank and our investors. Whilst both were supportive, the investor fundraise failed, as did my subsequent management buyout attempt.

“Without funding and no income since the forced closure, we have no choice other than for the business to go into Administration.”

In another statement, Joycelyn said:“The past few months has been unprecedented for the hospitality industry. Unable to access Government support or other funding, and with no income since the forced closure, there is no choice other than for the business to go into administration.

"It goes without saying I am truly heartbroken, to have lost my business, but even more so for my team and seafood family.

“We fought as hard as possible, every step of the way and I am just so sorry to all the team that we weren’t able to save the business.

“I can’t thank the team, guests, suppliers, neighbours and everyone who has been part of Seafood Pub Company enough, for your hard work, support and friendship the past nine years and especially for your kindness and well wishes in this incredibly difficult time.”

Join our live panel discussion on June 16/06 at 4pm with Simon Hulstone, Paul Foster, Kate Ahrens, Nick Galer, Graeme Fulton and Yasser Khan, where our guests will talk about how the CBILS works and how best to go about securing a loan.

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