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CMC Management goes into liquidation
Scottish pub firm CMC Management has been granted voluntary liquidation by Falkirk Sheriff Court. The decision will result in the closure of 15 pubs, which the company attributes to the combined affects of the credit crunch and the smoking ban.
Maureen Leslie, of MLM Insolvency which managed the liquidation, told the BBC: "It is our understanding that a general downturn in business after the smoking ban was introduced and the significant reduction in trade due to the credit crunch are the two main factors behind the business failing."
Elsewhere, London-based Bar Group appears to have averted the risk of administration after completing a company voluntary arrangement with its creditors.
The deal is understood to include a new business plan, which has been approved by at least 75 per cent of its creditors, and was created in consultation with accounts Gibson Hewitt.
The Bar Group operates the Wishing Well Taverns business and The Bok Bar.