Pubfolio and Goldtry in administration

Two tenanted pub companies, Pubfolio and the smaller Goldtry, have gone into administration.

The companies own 253 primarily freehold pub properties — Pubfolio Limited own 219 and Goldtry own 34 — with pubs primarily located in South Wales, the North, Midlands and the South West.

David Chubb, joint administrator at PricewaterhouseCoopers said: "The companies have suffered as a result of the ongoing economic challenges facing this particular segment of the pub sector which resulted in a deterioration in trading in the estate. Having run out of alternative options, administration of the companies became the only option.

"There are no immediate plans for wholesale disposal of assets and our immediate priority is to ensure that the business remains stabilised with the benefit of support from the bank.

"We intend to continue trading during the administration and we will work with the existing management team, suppliers, tenants and customers to try and ensure that we achieve a positive solution."

The pubs, which are largely free-of-tie, will now be run by Pebble Management boss Ted Kennedy, who has previously worked as a consultant on the estate working on behalf of bank Anglo Irish.

Kennedy also runs the 200 or so freehold tenanted pubs that were formerly owned by London Town under the GRS Pubs banner. Pubfolio was created in January 2005 by coat hanger magnate Peter Shalson with the purchase of 545 pubs from Punch Taverns.

In May 2007 Pubfolio appointed bankers Rothschild to market the business for a reported £150m.