| 13°C Belfast

Leisure firm into administration with debts of £3.6m

A company which ran many of Banbridge's top leisure attractions is now in administration owing over £3.6m, the Belfast Telegraph can reveal.

Shanidar Ltd, led by Dominic Quinn until he stepped down in favour of his son Andrew, ran the Coach, Harry's Bar and the Iveagh Movie Studios in the town and employed over 100 people.

The Coach, Harry's and the cinema were put on the market in October last year for £975,000, £475,000 and £1.5m respectively.

In December, BDO's Michael Jennings and Brian Murphy were appointed administrators of the company by Bank of Ireland.

KPMG is also receiver to the Halls Mill Inn in Banbridge, a pub owned by Mr Quinn but leased to Watermoy Ltd.

According to an administrators' report filed this month, Shanidar had been experiencing "difficult trading conditions" over the last few years.

The company had already been in a company voluntary arrangement supervised by BDO's advisers since 2009.

Weekly Business Digest

Margaret Canning’s selection of the must-read business stories straight to your inbox every Tuesday morning

This field is required

However, Shanidar later defaulted on the terms of the CVA due to "financial pressures... and in particular the decline in the trade of the bars," the report said.

The report said that buyers had been found for The Coach and Harry's Bar, though a buyer for the Coach has not been confirmed.

The Scullion brothers, Myles and Brian, are running Harry's Bar on behalf of an investor who paid £320,000.

The report also reveals that high operating costs prompted the administrators to reduce trade in the Coach to the front bar and kitchen, shutting a nightclub.

The administrators also stated that the Coach is still being marketed for sale, "with a high level of interest exhibited by potential buyers". They have received creditors' claims totalling £710,821.

Mr Quinn also ran vending machine business High Street Investments and arcade game business Treasure Island Amusements. He and his wife Julie were disqualified as directors for nine years over the former in late 2012.