Cains administrators close 24 pubs

Administrators to the collapsed Cains Beer Company have now closed nearly a quarter of the group's retail estate.

PricewaterhouseCoopers (PwC) said the 24 shuttered pubs - which given the current trading environment were "unsurprisingly" loss-making - were unlikely to realise any value for the group's creditors.

The phased closures, across the North West, began last week. Staff working at the pubs have been made redundant.

The leases of a number of the closed pubs have reverted to the freehold owners, some of whom are believed to be Punch Taverns and Admiral Taverns.

PwC said it was continuing to trade the remainder of the business and was in talks with "numerous parties who have contacted us expressing interest in all or parts of the group".

Bids for the business had to be submitted by last Friday and PwC said it was in the process of evaluating them.

A spokeswoman could not confirm how long the process would take to complete, but said those interested in buying the company ranged from "well known names to private investors".

Cains collapsed three weeks ago with debts believed to be in excess of £30m after its bank, HBoS, refused to fund a business recovery programme and agree the staged settlement of a large unpaid tax bill.

A family company connected to brothers Sudarghara and Ajmail Dusanj, who bought Cains in 2002, owns the freehold to the brewery site.

The company also owns the five pubs that came with the Cains deal when it was sold to the pair six years ago.