PUB PAIR QUIT AFTER DEBTS REACH £1.5M

TWO entrepreneurs were forced to give up two pubs after accruing debts of more than £1.5 million.

Alex Sergeant and David Holliday ran the Bottle and Glass Inn in Binfield Heath and Hart Street Tavern in Henley as separate companies.

They were wound down in May and August, owing more than £1m to HMRC and £54,000 in outstanding business rates to South Oxfordshire District Council. Suppliers were owed more than £40,000 and banks and contractors were also owed thousands.

Begbies Traynor was appointed as the liquidator to distribute remaining assets to creditors according to insolvency legislation.

The district council said it was waiting for confirmation as to whether it will receive payment of the business rates.

The two pubs have since been bought out by businessman Matthew Munson, of Harpsden Bottom.

Mr Sergeant and Mr Holliday launched the Hart Street Tavern in 2019, two years after they took over the Bottle and Glass Inn in 2017.

Both venues were forced to close for several months when the coronavirus pandemic hit the country in 2020.

Mr Sergeant told the Henley Standard: “The businesses battled hard through covid to survive but accumulated debt.

“We worked tirelessly to try to trade out of it but the reality is the economic situation over the past couple of years has meant that, ultimately, the businesses were unable to keep up with repayments.”

The Bottle and Glass Inn, formerly run by Brakspear, had been shut since 2013 before being bought and renovated by the Phillimore Estate.

Mr Holliday and Mr Sergeant signed a 20-year lease on the building and spent £250,000 furnishing the interior.

The pub has won several awards. It was listed in the Michelin Guide 2018 and awarded L’Assiette Michelin, an honour just below a Michelin star.

During covid, the pair took over a barn 100 yards from the Bottle and Glass to accommodate outdoor dining while observing social distancing.

The barn re-opened in June last year following a nine-month refurbishment.

Mr Sergeant said: “Without the debt we accrued through covid and based on our forecasts, we felt strongly that both businesses would thrive, particularly with the amazing support we have garnered in the community over the past half decade, and we felt strongly committed to our staff. So, we were relieved when the sites were rescued. We hope the communities support for these beloved venues will remain strong as ever as they move forward.”

Mr Sergeant still runs the Stag and Huntsman in Hambleden and Tavern Townhouse in Henley with Mr Holliday under the Sika Inns brand.

Mr Munson, 45, who runs several businesses, including aviation company ATS Aero in High Wycombe, said he was approached by the partners at the start of the year.

He said: “I’ve known David and Alex for a while and they approached explaining the situation that, through covid, as most hospitality businesses did, they acquired some debt.

“They asked if I would be interested in taking it forward because they just got to a point where it is very difficult to trade through that but the business was a good solid business.

“Obviously, having to shut both of the sites during covid, it’s quite easy to accumulate debts when you haven’t got any income coming in. If your margins are tight, as they are in hospitality, then it doesn’t take much for that to happen.”

Mr Munson said all staff members, which he estimates fluctuates between
50 and 60, had been kept on ensuring the venue “continues in the way it has been”.

He said that the newly refurbished barn, which contributes revenue “over and above” that of the pub, was booked up with wedding hires for the next
18 months.

Mr Munson said: “We’ve done probably 25 weddings so far this year, we’ve done corporate events, so that side has helped the business.

“The pub is still doing great. In fact, last week, we had our best weekend in the last month and a half which was completely unexpected and probably weather-related.

“The shame of it was that [the barn] was the work that David and Alex had put in transforming the business. They put a lot of effort into that.

“That took time to do with planning permissions and suppliers and building material shortages, so it didn’t really have time to gain the full traction with the locals and word of mouth that was needed while they were running it.”

Mr Munson said figures had improved since he took on the venue since March and “couldn’t see issues going ahead”.

He said: “Along with a little bit of investment we have put into the pub to tweak things, we could see that the figures were looking like they would go in the right direction. To date, those figures, since March, have improved.

“Hospitality is still hospitality, as any pub or trader or restaurant will tell you, the margins aren’t massive but it’s certainly going in the right direction which is great to see.

“We just want this to thrive for the community.”