Belfast Telegraph

Nightclub firm's creditors agree write-off plan

A company which owns a popular Belfast city centre nightspot has entered into an agreement which will see a number of its debts written off.

Coral Inns, which runs Rain on Tomb Street and faced two winding-up petitions from creditors last year, is now subject to a company voluntary agreement which will give the firm some "breathing space" in order to deal with its cash woes.

The arrangement will see creditors write off some of what they are owed as long as they repay agreed amounts, under the supervision of an insolvency practitioner.

The nightclub is continuing to operate as normal.

The firm's most recent abbreviated accounts, for the year ending August 2010, appears to show an annual profit of £205,000. The next accounts are due to be filed this summer.

In January, city councillors agreed to grant Rain nightclub a six-month entertainment licence after it was fined for overcrowding.