Gateshead nightspot marketed for Administrators

15 December 2009

Acting on behalf of joint administrators Andrew Haslam and Gerald Krasner of Begbies Traynor, Christie + Co has been appointed to sell the freehold interest of the well-known Tyneside nightclub and bar, Buffalo Joes.

Located on the banks of the River Tyne on the Gateshead side of the river, the property comprises a two floor licensed outlet and dance floor.

Offers in the region of £875,000 are being sought for the freehold interest of the late-night venue.

Andrew Haslam commented: “Due to the removal of other local nightspot theTuxedo Princess and the closure of Club Baja, Buffalo Joes has found itself somewhat isolated and with a reducing footfall. Despite the best efforts of the directors, including a significant investment and re-branding, they have been unable to meet payments as required. Unfortunately, the directors were left with little alternative other than to seek advice.”

“We have been successful in agreeing a licence to trade from the premises so they will remain open in the short term whilst being exposed to the marketplace, thus retaining the four full time staff and the numerous part-time bar staff.

David Lee, Director at Christie + Co’s Newcastle Office, said: “We believe this popular nightclub and bar will be of particular interest to established local operators and entrepreneurs in the licensed sector.”

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For further information on this press release, please contact: Mark Wingett at Christie + Co. Tel: 020 7227 0794. mark.wingett@christie.com